In a bid to boost Saudi Arabia’s efforts to become a global hub for halal food products, a new program has been launched to accelerate the growth of the sector in the Kingdom.
The Halal Products Development Co. has signed a strategic cooperation agreement with the Saudi Exports Development Authority to launch Halal Products Manufacturing Accelerator Program, according to a press statement.
The new initiative will see HPDC and SEDA enhancing their cooperation as Saudi companies increase their presence in the global halal market.
Under the deal, HPDC, fully owned by Saudi Arabia’s sovereign wealth fund, will cooperate with SEDA to encourage consumers to buy Saudi halal food and promote exports from the Kingdom to different parts of the world.
The agreement was signed by Fahad Al-Nuhait, CEO of HPDC, and Abdulrahman Al-Thukair, CEO of SEDA.
The Public Investment Fund launched HPDC in October 2022 as a part of Saudi Arabia’s economic diversification efforts in accordance with Vision 2030. The primary goal of HPDC is to enable local players — small and medium-sized enterprises, in particular — to grow and expand across global halal markets.
Commenting on the agreement, Al-Nuhait said that HPDC and SEDA will work together to develop a comprehensive local industrial ecosystem for halal products.
The deal will also see both entities working together to identify target markets and partners, facilitate communication with them, and identify the goals of HPDC, Al-Nuhait added.
For his part, Al-Thukair noted that this agreement with HPDC will support the efforts of SEDA to elevate the manufacturing of national products and promote the Made in Saudi program.
PIF, which is spearheading Vision 2030, has been making strategic investments in the food and agricultural sector over the past few years.
In July 2023, the fund established a new firm named Sawani Co. to explore the potential of Saudi Arabia’s camel dairy industry.
In May last year, PIF also launched Saudi Coffee Co. to promote the Kingdom’s coffee beans as a global product. According to PIF, the launch of Saudi Coffee Co. will play a crucial role in developing sustainable coffee production in the southern Jazan region, home to the world-famous Coffea Arabica plant.—AN
