Arab News, Wed, May 29, 2024 | Dhu al-Qadah 21, 1445
PIF’s Halal Products Development Co. invests in Singapore-based cosmetics firm
Saudi Arabia:
In a bid to localize the Kingdom’s cosmetics and personal care industry, the
Halal Products Development Co. announced an investment in a Singapore-based
fast-moving consumer goods conglomerate.
The Public Investment Fund-owned company signed a
binding agreement with Believe — a company specializing in the halal cosmetics
and personal care field.
As per the agreement, the company will relocate
its headquarters from Singapore to Saudi Arabia and establish a factory to
manufacture its products, the Saudi Press Agency reported.
The new headquarters will also serve as a major
center for exporting the company’s products to various countries of the world.
This move is in line with the PIF-owned firm’s
goal to strengthen the halal industries in Saudi Arabia and provide high-quality
products compatible with Islamic standards.
Halal Products Development Co. CEO Fahad Al-Nuhait
said that investing in this sector is a very important first step that serves as
a major catalyst for developing and localizing the manufacturing of halal
cosmetics and personal care.
In return, this is expected to raise the
efficiency of the sector and support research as well as development efforts to
improve the services provided locally and globally, Al-Nuhait added.
The CEO said it will also facilitate the transfer
of the expertise and resources to the Kingdom.
Moreover, it will also contribute to achieving the
goals of the Kingdom’s Vision 2030 by creating direct and indirect job
opportunities.
Believe CEO Ankit Mahajan said this partnership
represents a strategic opportunity to expand the scope of investment and boost
manufacturing capabilities.
The agreement will also provide contract
manufacturing services for local brands in the initial stage and will expand to
international brands in the future.
In August, Halal Products Development Co. signed a
strategic cooperation agreement with the Saudi Exports Development Authority to
launch the Halal Products Manufacturing Accelerator Program.
According to a statement, the new program came
amid the Kingdom’s efforts to become a global hub for halal food products and
accelerate the growth of the sector.