RIYADH: 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.
