Riyadh Invests in Localizing Cosmetics and Personal Care Industry
In an effort to boost the Kingdom’s cosmetics and personal care industry, Halal Products Development Co. has announced an investment in a Singapore-based fast-moving consumer goods conglomerate.
The company, owned by the Public Investment Fund, has signed a binding agreement with Believe, a specialist in halal cosmetics and personal care products. As part of the deal, Believe will relocate its headquarters from Singapore to Saudi Arabia and set up a factory for manufacturing its products, as reported by the Saudi Press Agency.
The new headquarters will also serve as a key export center for the company’s products to various countries worldwide. This move aligns with the PIF-owned firm’s mission to enhance the halal industries in Saudi Arabia and offer top-quality products that meet Islamic standards.
Investing in Halal Cosmetics and Personal Care
Halal Products Development Co. CEO Fahad Al-Nuhait emphasized the significance of investing in this sector as a crucial step towards developing and localizing the manufacturing of halal cosmetics and personal care products. This move is expected to boost sector efficiency, support research and development efforts, and enhance services provided domestically and globally.
Al-Nuhait also mentioned that the investment will facilitate the transfer of expertise and resources to the Kingdom, contributing to the goals of Saudi Arabia’s Vision 2030 by creating job opportunities.
Strategic Partnership for Manufacturing Capabilities
Believe CEO Ankit Mahajan stated that the partnership represents a strategic opportunity to expand investment scope and enhance manufacturing capabilities. The agreement will also offer contract manufacturing services for local brands initially, with plans to expand to international brands in the future.
In August, Halal Products Development Co. collaborated with the Saudi Exports Development Authority to launch the Halal Products Manufacturing Accelerator Program, aiming to establish the Kingdom as a global hub for halal food products and accelerate sector growth.