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Saudi Arabia’s Public Investment Fund (PIF) is looking to advance a halal ecosystem through strategic partnerships that would boost the local economy and eventually lay the foundation for setting up a unified halal brand in the Kingdom.
The PIF-backed Halal Products Development Company and the Saudi Exports Development Authority (SEDA) have signed a cooperation agreement to launch the Halal Products Manufacturing Accelerator programme that will promote and enhance the halal sector, along with aiding local companies to enter the global marketplace.
Additionally, the agreement will assist in identifying target markets and partners to boost Saudi export links, while also encouraging consumers at home to buy local.
The initiative is a part of the country’s Vision 2030 strategy to accelerate growth for ‘Made in Saudi Arabia’ products and services to advance economic growth and diversification in the Kingdom.
(Writing by Bindu Rai, editing by Seban Scaria)
