PIF’s Halal Products Development Co. invests in Singapore-based cosmetics firm

In a bid to localize the Kingdom’s cosmetics and personal care industry, the Halal Products Development Co. announced an investment in a Singapore-based fast-moving consumer goods conglomerate.

The Public Investment Fund-owned company signed a binding agreement with Believe — a company specializing in the halal cosmetics and personal care field.

As per the agreement, the company will relocate its headquarters from Singapore to Saudi Arabia and establish a factory to manufacture its products, the Saudi Press Agency reported.

The new headquarters will also serve as a major center for exporting the company’s products to various countries of the world.

This move is in line with the PIF-owned firm’s goal to strengthen the halal industries in Saudi Arabia and provide high-quality products compatible with Islamic standards.

Halal Products Development Co. CEO Fahad Al-Nuhait said that investing in this sector is a very important first step that serves as a major catalyst for developing and localizing the manufacturing of halal cosmetics and personal care.

In return, this is expected to raise the efficiency of the sector and support research as well as development efforts to improve the services provided locally and globally, Al-Nuhait added.

The CEO said it will also facilitate the transfer of the expertise and resources to the Kingdom.

Moreover, it will also contribute to achieving the goals of the Kingdom’s Vision 2030 by creating direct and indirect job opportunities.

Believe CEO Ankit Mahajan said this partnership represents a strategic opportunity to expand the scope of investment and boost manufacturing capabilities.

The agreement will also provide contract manufacturing services for local brands in the initial stage and will expand to international brands in the future.

In August, Halal Products Development Co. signed a strategic cooperation agreement with the Saudi Exports Development Authority to launch the Halal Products Manufacturing Accelerator Program.

According to a statement, the new program came amid the Kingdom’s efforts to become a global hub for halal food products and accelerate the growth of the sector.