The Clap
The Saudi Public Investment Fund (PIF) launched Halal Products Development Company (HPDC) to develop and localize the halal products industry in KSA.
The Deets
The PIF explained that the new company will help local companies, particularly SMEs, to grow and expand in global markets of the halal products industry.
The company will also contribute to the development of this sector in KSA, through partnerships with leading companies in the halal and food products industry on local and global levels.
Halal Products Industry
Halal products are Shariah-compliant products that belong to different sectors like food, cosmetics, medicine, halal tourism, entertainment, and fashion.
Why this Matters
Muslims around the world spent more than $2 trillion on halal products in 2019, according to the “State of the Global Islamic Economy” report.
With an annual increase of 3.2%, the report expects consumer spending on halal products around the world to reach $2.4 trillion in 2024.
Related News
The PIF is in talks with Boeing and Airbus regarding orders for around 80 aircraft, which will be the first purchase of the new Saudi airline, RIA, according to Bloomberg.
