Halal Products Development Company signs agreement to invest in Believe
Newswire
02
June
2024
Riyadh, KSA- Deal aims to localize halal cosmetics and personal care products capabilities in Saudi Arabia
- PIF-owned HPDC aims to boost Saudi Arabia’s halal sector so that it becomes a global hub
- Move marks PIF’s commitment to driving the transformation of economies around the world
PIF-owned Halal Products Development Company (HPDC) has signed a binding agreement to invest in Believe, a company specialized in halal cosmetics and personal care products.
The deal aims to relocate Believe’s headquarters from Singapore to Saudi Arabia to serve as a core hub for exporting the company’s products to a variety of countries globally. It also plans to launch a factory in Saudi Arabia to localize production and will also offer contract manufacturing services for local brands before extending to international brands in the future.
Fahad Al Nuhait, CEO, HPDC, said: “Our investment in this sector marks a very important initial step that acts as a key catalyst for the development and localization of halal cosmetics and personal care manufacturing, enhancing the sector’s efficiency and supporting research and development efforts to elevate services provided locally and globally.
“Our partnership with Believe represents a strategic opportunity to localize and transfer the company’s expertise and resources to Saudi Arabia and provide high-quality products to local and global consumers. This investment will also contribute to achieving the targets of Vision 2030 by creating direct and indirect employment opportunities.”
Ankit Mahajan, CEO, Believe, said: “This partnership represents a strategic opportunity for us to expand our scope, establish manufacturing capabilities, and offer high-quality halal cosmetics and personal care products that align with Islamic standards. Having Halal Products Development Company as a strategic investor enhances our ability to achieve our goals in the region and globally, and our decision to relocate our headquarters is in response to the Kingdom’s pivotal position in the Islamic world.”
The move highlights PIF’s commitment to driving the transformation of economies at a global scale, with HPDC working to enhance knowledge and innovation in the halal sector through its localization efforts. Significantly, HPDC aims to position Saudi Arabia as a center for the global halal products industry.
-
Press Releases
10 December 2024PIF launches Hotel Management Company (Adeera) to develop distinct new Saudi hospitality brands
-
Press Releases
05 December 2024PIF and Bpifrance Assurance Export sign $10 billion memorandum of understanding -
-
Press Releases
31 October 2024PIF signs memorandums of understanding with five leading Japanese financial institutions