PIF subsidiary invests in Singapore halal cosmetics firm in localization push
Halal Products Development Company (HPDC) has invested in Singapore-based Believe to enhance the halal industry ecosystem in Saudi Arabia and localize cosmetics and personal care production capabilities.
The subsidiary of Saudi Arabia’s Public Investment Fund (PIF) has signed a binding agreement to invest in the halal cosmetics and personal care company to provide Shariah-compliant products domestically and globally.
This investment aims to relocate Believe's headquarters from Singapore to Saudi to serve as a central hub for exporting its products worldwide, the company said in a statement.
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