Saudi Arabia's sovereign wealth fund has set up the Halal Products Development Company as it seeks to promote the kingdom as a global centre for products that are in full compliance with the precepts of Islamic law.
HPDC will develop the halal production industry, by going into partnership with key players and providing specialised advisory services at home and abroad, to boost efficiency, encourage innovation and promote opportunities, the Public Investment Fund said.
It will localise knowledge, technology and innovation for the development of halal products such as foods, cosmetics, and pharmaceuticals, as well as support plans to export to global markets.
“The company will also enable [the] PIF and its portfolio companies to access a variety of collaboration and investment opportunities across global halal markets,” the wealth fund said.
The PIF, which manages more than $620 billion in assets, lies at the centre of the kingdom's Vision 2030 plan to diversify the Arab world's largest economy and reduce its reliance on oil.
As part of a five-year strategy announced last year, the fund aims to more than double the value of its assets under management to $1.07 trillion and to commit $40bn annually to develop Saudi Arabia's economy until 2025.
The fund has created 10 new sectors, set up more than 30 new companies, created 331,000 jobs in the kingdom and more than tripled its assets over the past few years.
Under its five-year plan, it will focus on 13 sectors as part of its core domestic strategy.
Earlier this month, it launched the Saudi Downtown Company to build and develop areas in city centres and mixed-use destinations in 12 locations throughout the kingdom.
The new company will work towards enhancing infrastructure and building strategic partnerships with the private sector and investors, the Saudi Press Agency reported.
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Saudi megaprojects 2022: from The Line at Neom to the Red Sea Project
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The site of the $500bn Neom project in the Tabuk Province of northwestern Saudi Arabia. Photo: SCTH -
The Line, a civilisational revolution that will preserve the surrounding nature. Photo: NEOM -
Oxagon is planned to be the largest floating industrial complex in the world. Photo: PRNewsfoto / NEOM -
The tourist destination Trojena will open in 2026 as part of Saudi Arabia's mega-city of the future, Neom. Photo: Neon -
Mohammed bin Salman Foundation “Misk” revealed details on the masterplan for Prince Mohammed Bin Salman Nonprofit City. Photo: MISK -
Saudi Arabia is to open its first waterpark. The $750-million Qiddiya Water Theme Park will be the region's largest, with 22 rides and slides. Photo: QIC -
The Red Sea Project will turn untouched coastlines into one of Saudi Arabia's biggest tourism projects where conservation is key. Photo: The Red Sea Development Company -
Amaala's design for its Triple Bay Yacht Club. Photo: Amaala -
Silhouette of Salwa Palace in At-Turaif in Ad Diriyah with palm trees in foreground. The $17bn development will encompass several luxury resorts. Photo: Meshari Almuhanna / DGDA -
Water features at King Salman Park. Photo: Royal Commission for Riyadh city -
The beginning of construction at Jeddah Tower. Photo: Jeddah Economic Company
