Saudi's Public Investment Fund launches new company to promote Ajwa dates
Saudi Arabia's sovereign wealth fund, Public Investment Fund (PIF), has announced the establishment of a new company to improve the quality and production of Ajwa dates in the Madinah region.
The launch of the Al Madinah Heritage Company will help develop the local food and agriculture industry, and drive the diversification of the kingdom's economy, in line with its Vision 2030, the company said in a statement.
The new entity will focus on promoting and distributing Ajwa dates locally and internationally, in addition to other date varieties. Additionally, it will contribute to the wider development of sustainable agriculture in the Madinah region through the adoption of key technologies.
Ajwa dates, unique to the kingdom's Madinah region, are widely regarded among the world's finest due to their high nutritional value and health benefits. They also hold high religious and cultural value across the Muslim world, not least for visitors of the Madinah region.
“Saudi Arabia is one of the world's most prominent producers and exporters of dates, and its products have always been of the highest quality, catering to wide consumer demand," commented Majed Al-Assaf, head of consumer goods and retail in the MENA investments division at PIF.
"The date industry is a key component of Saudi Arabia’s food and agriculture sector and has an important role to play in the realization of Vision 2030.”
PIF has been regularly investing in the food and agriculture sector to help diversify the local economy, and support its unique produce industries. The investment powerhouse launched the Saudi Coffee Company in 2022, to enable the global trade of the local coffee bean and develop sustainable coffee production practices in the southern Jazan region.
Last year, the fund also announced a new company to invest in localising the halal production industry in the kingdom.
