Saudi Arabia's Public Investment Fund has announced the launch of a Halal Products Development Company to localize the Halal production industry in the Kingdom.
According to a press release issued by the Public Investment Fund, the launch of the new firm will help promote
The press release added that the Halal Products Development Company will help enable local players, small and medium-sized enterprises, especially in expanding the global Halal markets.
According to Arab News, this will help create job opportunities as well as promote the halal production industry in Saudi Arabia through partnerships with key local and international players.
The Public Investment Fund's press release said, 'Halal Products Development Company aims to localize knowledge, technology and innovation for the development of halal products, including food, cosmetics and pharmaceuticals. The aim of the company is to promote investment and economic opportunities for the industry by introducing various services.
The company will help the Public Investment Fund and its portfolio companies access a variety of support and investment opportunities in global halal markets, the press release added.
The establishment of the new firm is in line with the goals outlined in the Kingdom's Vision 2030, which aims to diversify Saudi Arabia's economy away from oil, as well as develop key sectors including goods and retail, and food and agriculture