The Halal Products Development Company has concluded a memorandum of understanding with the Islamic Development Bank, stipulating the cooperation of the two sides to enhance investment and industry opportunities in the Halal sector within the Kingdom of Saudi Arabia and the 57 member countries of the bank.
The memorandum of understanding was signed by the Islamic Development Bank’s Vice President for Operations, Dr. Mansour Mukhtar, and the CEO of the Halal Products Development Company, Fahad Al-Nahit.
Under the terms of the memorandum, the two sides will explore available investment opportunities in sub-sectors related to the Halal industry, such as food, medicine and cosmetics, in addition to joint coordination to develop a high-quality system in Saudi Arabia. In addition, the MoU defines means for the two parties to jointly analyze data regarding successful ecosystem models related to Halal products, markets and solutions available within the industry.
The Halal Products Development Company, affiliated to the Public Investment Fund, mainly aims to localize this industry in the Kingdom of Saudi Arabia, enhance the sector’s capabilities at the regional level, and provide opportunities for exporting Halal products to all parts of the world. The company also seeks, through the provision of services, to enable investors and small and medium enterprises to create an attractive commercial environment to take advantage of the capabilities related to the Halal industry available within the Kingdom.
Commenting on the signing ceremony, the President of the Islamic Development Bank Group, Dr. Muhammad Al-Jasser, said, “The memorandum of understanding that we concluded with the Halal Products Development Company is an extension of our efforts to establish beneficial and profitable links in this rapidly developing industry, and it also allows us to continue providing support to institutions.” existing or newly established ones, and through our various initiatives such as the incubation program, we are confident of our ability to provide support that will reflect positively on the halal system in the Kingdom of Saudi Arabia. He added, “We look forward to sharing leading industry practices and methodologies in order to contribute to the prosperity of the Islamic finance sector and to support innovation in the halal industry.”
Commenting on the signing of the memorandum of understanding, Chairman of the Board of Directors of the Halal Products Development Company, Fawaz Al-Harbi, said, “We are proud to sign this agreement with the Islamic Development Bank, because it allows us to make a huge contribution to the halal system, both locally and globally.” He added, “Based on our primary mission of promoting the Kingdom of Saudi Arabia as a global center for halal products, our partnership with the Islamic Development Bank is an embodiment of our commitment to invest with industry players and support innovation, growth and continuous development. And by benefiting from the bank’s great experience in business and providing Islamic financing, we are in a privileged position to add value to our partners, help companies and investors achieve success and prosperity, and contribute to the growth and diversification of the sources of the Saudi economy in line with the goals and objectives of the Kingdom’s Vision 2030 ».
On this occasion, Fahd Al-Nahit explained, “The memorandum of understanding will enable us to benefit from the bank’s long experience in the fields of Islamic finance and trade. We have all the capabilities that help us to advance our companies, businesses and investors. On the other hand, we are certain that this agreement will contribute significantly to strengthening and diversifying the Saudi economy, and achieving the ambitious goals of Vision 2030.
The signing of the memorandum of understanding between the two sides coincides with the Private Sector Forum of the Islamic Development Bank Group 2023, which will be held in Jeddah from May 11-13, for which the Halal Products Development Company is a major sponsor.
