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RIYADH: Saudi Arabia’s Public Investment Fund has announced the launch of Halal Products Development Co. aimed at localizing the halal production industry in the Kingdom.
The launch of the new firm is expected to help promote Saudi Arabia as a global halal hub, according to a press release.
It further noted that HPDC will help enable local players; small and medium-sized enterprises, in particular, to grow and expand across global halal markets. It will also help develop the halal production industry in Saudi Arabia through partnerships with key local and international players, along with creating job opportunities.
“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,” said PIF in the press release.
It further added that the company will also help PIF and its portfolio companies to access a variety of collaboration and investment opportunities across global halal markets.
The launch of the new firm comes in line with the goals outlined in the Kingdom’s Vision 2030, aiming at diversifying Saudi Arabia’s economy away from oil, along with developing key sectors including goods and retail, and food and agriculture.
The PIF is one of the world’s largest sovereign wealth funds, with assets valued at $620 billion, according to data released by Sovereign Wealth Fund Institute in April.
Earlier in October, PIF Governor Yasir Al-Rumayyan revealed a strategy detailing plans for the fund’s assets to reach between $2 to $3 trillion by the end of this decade.
“We want to reach $1 trillion by 2025. And we are almost now less than $700, we need close to $400 billion to reach this size of assets,” said Al-Rumayyan, during an interview given to the Thmanyah podcast.
He added: “We have a complete plan from now till 2030, on how to reach a trillion and reach between $2 to $3 trillion, and His Highness Crown Prince is determined to reach it.”
In September, PIF launched the National Real Estate Registration Services Co. to digitize and develop the local real estate sector through a comprehensive digital platform.
In a press release, PIF noted that the new platform will help build a comprehensive digital database of all public, residential, commercial, and agricultural units of property across the Kingdom, along with ensuring transparency in the real estate sector.