Saudi Arabia’s Public Investment Fund has announced the establishment of the Halal Products Development Company (HDPC) to localize the halal production industry in the kingdom. According to the press statement, opening the new company would promote Saudi Arabia as a center for the global halal market.
It further stated that HPDC would support local players’ expansion across international halal markets, particularly for small and medium-sized businesses. Along with creating job opportunities, it will collaborate with important national and international companies to advance the Saudi Arabian halal production business.
HPDC aims to localize innovation, technology, and knowledge to create halal foods, cosmetics, and pharmaceuticals. By delivering various services, including expert advice, the company also hopes to stimulate investment and economic potential for the sector.
The company would also assist PIF and its portfolio companies in finding various investment and collaboration opportunities around the world’s halal markets.
A joint venture (JV) deal was also established by HPDC and BRF, one of the world’s top poultry exporters. The JV will set up business for the poultry production chain in Saudi Arabia and expand the selection of fresh, frozen, and processed products.
Lowering reliance on imports and localizing technology and knowledge within Saudi Arabia will help the country achieve its goal of 80% poultry self-sufficiency by 2025.
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