Saudi Arabia’s PIF launches company to develop halal production industry

Saudi Arabia’s Public Investment Fund (PIF) has announced the launch of a new company which will invest in localising the halal production industry in the kingdom.

#PIF announces the launch of the Halal Products Development Company (HPDC), #aPIFcompany that will invest in localizing the Halal production industry in Saudi Arabia.

Learn more: https://t.co/2ncDExHpY9 pic.twitter.com/n6Pm99O8Z4

— Public Investment Fund (@PIF_en) October 24, 2022

The Halal Products Development Company (HPDC) aims to localise knowledge, technology and innovation for the development of halal products including foods, cosmetics, and pharmaceuticals.

The new enterprise will enable local players and small and medium-sized enterprises to grow and expand across global halal markets. It will also develop the local halal production industry through partnerships with domestic and international players to contribute to job creation, the sovereign wealth fund said in a statement.

HPDC will aim to unify global efforts and promote Saudi Arabia as a global halal hub as well as promote investment and economic opportunities for the industry by introducing services, including specialized advisory.

Additionally, the company will enable PIF and its portfolio companies to access a variety of collaboration and investment opportunities across global halal markets. The launch of HPDC aligns with the sovereign wealth fund’s strategy, which focuses on developing and enabling the capabilities of key sectors to improve the trade balance, develop the industry, and contribute to the diversification of the economy.

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