The company 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 aim to unify global efforts and promote Saudi Arabia as a global Halal hub
The company will enable local players; small and medium-sized enterprises in particular, to grow and expand across global Halal markets
Riyadh: The Public Investment Fund (“PIF” or “Fund”) today announced the launch of the Halal Products Development Company (“HPDC” or “Company”), which will invest in localizing the Halal production industry in Saudi Arabia by increasing the efficiency of the ecosystem locally, while supporting the development of knowledge and innovation in this key industry – with plans to export to different markets globally. Building on Saudi Arabia’s position in the Islamic world, HPDC will aim to unify global efforts and promote Saudi Arabia as a global Halal hub.
The company will enable local players; small and medium-sized enterprises in particular, 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.
HPDC aims to localize knowledge, technology, and innovation for the development of Halal products including foods, cosmetics, and pharmaceuticals. The company also aims to promote investment and economic opportunities for the industry by introducing various services, including specialized advisory. The company will also enable PIF and its portfolio companies to access a variety of collaboration and investment opportunities across global Halal markets.
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 GDP, underscoring the objectives of Vision 2030.
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 Chairman of the Council of Economic and Development Affairs Chairman of the Public Investment Fund. PIF plays 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, the Fund has established 57 companies and created, directly and indirectly, more than 500,000 jobs as at the end of 2021.
PIF is building a diversified portfolio by entering into attractive and long-term investment opportunities in 13 strategic sectors in Saudi Arabia and globally. The Fund'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 in Saudi Arabia. As the investment arm of Saudi Arabia, the Fund 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 the Kingdom 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
