• It will focus on enhancing production of Ajwa dates but will also foster the growth and development of the wider Saudi dates industry

Riyadh: The Public Investment Fund (PIF) has announced the establishment of Al Madinah Heritage Company (“MHC” or “the Company”). The new company will play a key role in improving the quality and production capacity of Ajwa dates in the Madinah region. The launch of the Company will help further develop the Saudi Food and Agriculture industry and drive the diversification of Saudi Arabia’s economy, in line with Vision 2030.

Ajwa dates are widely considered among the finest dates in the world, due to their high nutritional value and significant health benefits, and a rich source of fiber, protein antioxidants and other nutritious factors. In addition, Ajwa dates have a religious and cultural value in the Muslim world, and for visitors to the Madinah region, in particular.

PIF has invested strategically in the Food and Agriculture sector to help diversify the local economy, and support its unique produce industries. Among these investments are its creation of the Saudi Coffee Company, which promotes Saudi Khulani coffee, the Halal Products Development Company, which invests in the halal products sector and the Saudi Agricultural Investment and Livestock Production Company “SALIC”.

As well as enhancing production, MHC will focus on promoting and distributing Ajwa dates both locally and internationally in addition to other date varieties to meet growing global demand. The company will also contribute to the wider development of sustainable agriculture in the Madinah region through the adoption of the latest agricultural technologies.

Majed Al-Assaf, Head of Consumer Goods and Retail in the MENA Investments Division at PIF, said: “Saudi Arabia is one of the world's most prominent producers and exporters of dates, and its products have always been of the highest quality, catering to wide consumer demand. The date industry is a key component of Saudi Arabia’s Food and Agriculture sector and has an important role to play in the realization of Vision 2030.”

The establishment of Al Madinah Heritage Company demonstrates PIF’s commitment to enabling the Food and Agriculture sector, one of the promising sectors in Saudi Arabia that can support the diversification of the Saudi economy. The company will seek to increase the production and quality of Ajwa dates, and will enhance the promotion and distribution of its products, helping to expand the reach of Ajwa dates.

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ABOUT PIF

The Public Investment Fund (PIF) is one of the largest and most impactful sovereign wealth funds in the world. Since 2015, when the Board was reconstituted and oversight transferred to the Council of Economic and Development Affairs, the Fund’s board of directors has been chaired by His Royal Highness Crown Prince Mohammad bin Salman bin Abdulaziz, Prime Minister, Chairman of the Council of Economic and Development Affairs, and Chairman of the Public Investment Fund. PIF a leading role in advancing Saudi Arabia’s economic transformation and diversification, as well as contributing to shaping the future of the global economy. Since 2017, PIF has established 84 companies.

PIF is building a diversified portfolio by entering into attractive and long-term investment opportunities in 13 strategic sectors in Saudi Arabia and globally. PIF's strategy, as set out in the PIF Program 2021-2025 - one of the Vision 2030 realization programs - aims to enable many promising sectors and contribute to increasing local content by creating partnerships with the private sector, in addition to injecting at least 150 billion riyals annually into the local economy. PIF works to transfer technologies and localize knowledge to build a prosperous and sustainable economy domestically. As the investment arm Saudi Arabia, PIF looks to make unique investments, and is building strategic alliances and partnerships with prestigious international institutions and organizations, which contribute to achieving real long-term value for Saudi Arabia, in line with the objectives of Vision 2030. PIF has also created an operational governance model that reflects its main tasks and objectives, in line with best international practices. Applying this model of governance enhances the level of transparency and effectiveness in decision-making and future progress.

More information about PIF can be found at: www.pif.gov.sa    

Media Contact: Media@pif.gov.sa  

Notes to editors:
For more information for Ajwa and other Saudi dates:
Home - National Center for Palms and Dates (ncpd.gov.sa)