The Halal Products Development Company (HPDC), a wholly owned subsidiary of Saudi Arabia’s Public Investment Fund (PIF), has collaborated with the Saudi Exports Development Authority (SEDA) to launch an accelerator program.
The Halal Products Manufacturing Accelerator Program seeks to bolster the halal ecosystem by nurturing local small and medium-sized enterprises (SMEs), enabling them to expand their footprint across global markets, the company said in a statement on Tuesday.
The initiative also intends to establish a comprehensive local industrial ecosystem for halal products, ensuring the growth and development of the sector from farm to table. Both entities will work to stimulate consumer demand for Saudi halal products and catalyze the kingdom's exports.
Fahad Al-Nuhait, CEO of HPDC, emphasized that the partnership aims to identify key target markets and partners and facilitate effective communication with them.
The accelerator program adds to a roster of initiatives announced by the kingdom’s sovereign wealth fund to strengthen its food and agricultural sectors and diversify the local economy.
The investment powerhouse announced the launch of a company to step up the production of Ajwa dates in the Madinah region last month. It also established a company to advance the country’s camel farming industry. Meanwhile, the Saudi Coffee Company was launched in 2022, to enable the global trade of the local coffee bean.