PIF’s Halal Products Development Co. Invests in Singapore-Based Cosmetics Firm
The Halal Products Development Co., a part of Saudi Arabia's Public Investment Fund, has invested in the Singapore-based Believe, a halal cosmetics firm. This deal includes relocating Believe's headquarters to Saudi Arabia and establishing a manufacturing plant. The move is part of efforts to localize halal product manufacturing, support Saudi Vision 2030, and create job opportunities.
The Halal Products Development Co., owned by Saudi Arabia's Public Investment Fund (PIF), has announced an investment in Singapore-based Believe, a major company in the halal cosmetics and personal care industry.
Under the agreement, Believe will relocate its headquarters from Singapore to Saudi Arabia and establish a manufacturing facility in the Kingdom.
This new headquarters will also serve as a key export hub.
The move aligns with the company's objectives to enhance the halal sector in Saudi Arabia by offering high-quality products that meet Islamic standards.
CEO Fahad Al-Nuhait noted that this investment is crucial for developing and localizing halal cosmetics and personal care manufacturing in the Kingdom, supporting research and development, and creating job opportunities in line with Saudi Vision 2030.
Believe CEO Ankit Mahajan highlighted the strategic potential to increase investment and manufacturing capabilities.
Previously, in August, the Halal Products Development Co. partnered with the Saudi Exports Development Authority to launch the Halal Products Manufacturing Accelerator Program, aimed at making Saudi Arabia a global halal food hub.
Under the agreement, Believe will relocate its headquarters from Singapore to Saudi Arabia and establish a manufacturing facility in the Kingdom.
This new headquarters will also serve as a key export hub.
The move aligns with the company's objectives to enhance the halal sector in Saudi Arabia by offering high-quality products that meet Islamic standards.
CEO Fahad Al-Nuhait noted that this investment is crucial for developing and localizing halal cosmetics and personal care manufacturing in the Kingdom, supporting research and development, and creating job opportunities in line with Saudi Vision 2030.
Believe CEO Ankit Mahajan highlighted the strategic potential to increase investment and manufacturing capabilities.
Previously, in August, the Halal Products Development Co. partnered with the Saudi Exports Development Authority to launch the Halal Products Manufacturing Accelerator Program, aimed at making Saudi Arabia a global halal food hub.
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