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.
The new company will work towards enhancing infrastructure and building strategic partnerships with the private sector and investors, the Saudi Press Agency reported.