Representational Image | Image Courtesy: Saudi PIF
Saudi Arabia’s sovereign wealth fund, Public Investment Fund (PIF) has launched the Halal Products Development Company (HPDC) that will invest in localizing the Halal production industry in the kingdom.
The company said in a statement that it aims to localize knowledge, technology, and innovation for the development of Halal products including foods, cosmetics, and pharmaceuticals.
Building on Saudi Arabia’s position in the Islamic world, HPDC will intend to unify global efforts and promote Saudi Arabia as a global Halal hub.
According to the statement, “The launch of the company aligns with PIF’s strategy, which focuses on developing and enabling the capabilities of key sectors– including consumer goods and retail, and food and agriculture – to improve the trade balance, localize and develop the industry, and contribute to the diversification of the economy and growth of non-oil gross domestic product (GDP), underscoring the objectives of Saudi Vision 2030.”
The company will enable local players to grow and expand across global Halal markets, and will develop the Halal production industry in Saudi Arabia through partnerships with key local and international players to enrich the ecosystem locally, and contribute to job creation.
The company also aims to promote investment and economic opportunities for the industry by introducing various services, including specialized advisory.
Further, the company will enable PIF and its portfolio companies to access a variety of collaboration and investment opportunities across global Halal markets.
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