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Halal Products Development Company to Sponsor IsDB Group’s Private Sector Forum

Publish Date: 13/05/2023

Halal Products Development Company (HPDC), a company launched by Saudi Arabia’s Public Investment Fund (PIF), will participate as a main sponsor in this year’s edition of the Islamic Development Bank Group (IsDB Group) Private Sector Forum held in Jeddah.

Established to promote Saudi Arabia as a global hub for halal products, HPDC seeks to enable small and medium-sized enterprises to grow and expand across global halal markets. In addition, the company seeks to foster international partnerships whilst localizing innovation, technology and knowledge to benefit the halal production framework within the Kingdom.

Through its provision of investment, equity capital and halal advisory services through its Halal Products Advisory (HPA) division, the company aims to support the development of halal products to facilitate economic long-term growth and diversification.

Fahad Al-Nuhait, Chief Executive Officer of HPDC, affirmed the company’s sponsorship, stating, “We are very excited to participate in the 2023 IsDB Group Private Sector Forum alongside some of the most proactive people and organizations working parallel to the halal industry. Since our launch, we’ve had the incredible opportunity to engage with leading organizations to identify ways to create jobs, foster collaboration and grow the Kingdom’s local halal production framework.” “Our sponsorship of the 2023 IsDB Group Private Sector Forum embodies the company’s commitment to investing in building a vibrant ecosystem for halal products within Saudi Arabia, regionally and worldwide,” added Al-Nuhait.

Since being founded in October 2022, HPDC has aimed to enhance the Kingdom’s landscape of halal products focusing on primary subsectors such as food, pharmaceuticals and cosmetics. HPDC operates in parallel with PIF’s strategy to localize production, diversify the national economy and enable key sectors including consumer goods, retail, and agriculture in line with the Kingdom’s Vision 2030.

Held under the theme of “Partnerships to Fend off Crises,” the 2023 IsDB Group Private Sector Forum serves as a medium to connect business communities and a platform to discuss important development issues regarding Islamic finance. IsDB Group’s Private Sector Forum reflects the institution’s goals to invest in Islamic financial institutions and finance projects in both the public and private sectors.

“Our involvement in the 2023 IsDB Group Private Sector Forum has given us a fantastic opportunity to showcase our services, engage with industry leaders and promote the economic opportunities available within the halal industry,” With our mission being in line with the objectives of PIF’s Vision Realization 2021-2025 strategy, we recognize our opportunity to make a positive, measurable impact within Saudi Arabia’s ecosystem of halal products and services.”

“Moving forward, our objective at HPDC remains to unlock the remarkable potential within Saudi Arabia’s halal landscape by enabling investors to grow and further diversify,” added Al-Nuhait. The 2023 IsDB Group Private Sector Forum will take place from Wednesday, May 11 th to Saturday, May 13 th at the King Abdullah Congress Center- The Ritz-Carlton Hotel in Jeddah.

The event will be attended by delegations from IsDB’s 57 member countries and top-level panelists from international organizations. More than 4,000 participants are estimated to attend the forum.