Now accepting applications for Fast Company Middle East’s Most Innovative Companies. Click here to apply.

Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, is developing the date industry by launching a new company to boost the production of Ajwa dates.

The new company, Al Madinah Heritage Company, will promote and distribute Ajwa dates domestically and internationally to enhance the kingdom’s food and agriculture industry.

It also aims to meet the growing global demand for other date varieties. In addition, it will also contribute to the wider development of sustainable agriculture in the Madinah region by incorporating the latest agricultural technologies.

Ajwa dates are notably considered among the finest globally due to their high nutritional value, significant health benefits, and rich source of fiber, protein, antioxidants, and other nutritious factors. Additionally, it has a religious and cultural value in the Muslim world and for visitors to the Madinah region.

“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,” said Majed Al-Assaf, Head of Consumer Goods and Retail in the MENA Investments division at PIF.

He added that the date industry is a key component of Saudi Arabia’s food and agriculture sector and has an important role in the realization of Vision 2030.

Earlier this week, PIF established Sawani to produce and distribute camel milk and other dairy products. The company aims to contribute to the growth of the Saudi camel dairy industry.

It’s not the first time that the sovereign wealth fund has invested in the food and agricultural sector – last year, PIF set up Saudi Coffee Company to promote Saudi Khulani coffee beans and the Halal Products Development Company to invest in the halal sector.