The Public Investment Fund’s (PIF) Halal Products Development Company (HPDC) has signed a binding agreement to invest in Believe, a company specializing in halal cosmetics and personal care products. The deal includes relocating Believe’s headquarters from Singapore to Saudi Arabia and establishing a production facility in the Kingdom. This move aims to localize the production of halal cosmetics, offer contract manufacturing services for local brands, and expand services to international markets. The partnership aligns with Saudi Arabia’s Vision 2030 goals by creating employment opportunities and boosting the country’s role as a global center for halal products. Fahad Al Nuhait, CEO of HPDC, and Ankit Mahajan, CEO of Believe, both emphasize the strategic significance of this investment in achieving their respective organizational goals and enhancing the global halal cosmetics market.
Cosmetics and Personal Care, Private Equity, Manufacturing,Saudi Arabia, Singapore
https://www.pif.gov.sa/en/news-and-insights/newswire/2024/halal-products-development-company-signs-agreement-to-invest-in-believe