Riyadh, May 29, 2024, SPA — Halal Products Development Company (HPDC) announced today the signing of the binding agreement to invest in Believe, a company specialized in halal cosmetics and personal care products. This step confirms the HPDC’s commitment to enhancing the halal industry ecosystem in the Kingdom and providing high-quality products compliant with Islamic standards locally and globally.
This investment aims to relocate Believe’s headquarters from Singapore to the Kingdom of Saudi Arabia to serve as a central hub for exporting the company’s products to various countries worldwide. It also aims to localize the cosmetics and personal care production capabilities by establishing a factory in Saudi Arabia compliant with the highest global standards to manufacture the company’s owned brands in addition to providing contract manufacturing services for local brands initially, extending to global brands in the future. The investment also aims to transfer knowledge of research and development capabilities, empower local companies, especially small and medium-sized enterprises, by providing other value-added services alongside contract manufacturing, including advanced and innovative formulas, product and brand design, sourcing appropriate raw materials, manufacturing and packaging, as well as building high-quality Saudi brands and exporting them to global markets.
On this occasion, the CEO of Halal Products Development Company, Fahad Al Nuhait, said, “Our investment in this sector marks a very important initial step that acts as a key catalyst for the development and localization of halal cosmetics and personal care manufacturing, enhancing the sector’s efficiency and supporting research and development efforts to elevate services provided locally and globally. Our partnership with Believe represents a strategic opportunity to localize and transfer the company’s expertise and resources to Saudi Arabia and provide high-quality products to local and global consumers. This investment will also contribute to achieving the targets of Vision 2030 by creating direct and indirect employment opportunities.”
The CEO of Believe, Ankit Mahajan, added, “This partnership represents a strategic opportunity for us to expand our scope, establish manufacturing capabilities, and offer high-quality halal cosmetics and personal care products that align with Islamic standards. Having Halal Products Development Company as a strategic investor enhances our ability to achieve our goals in the region and globally, and our decision to relocate our headquarters is in response to the Kingdom’s pivotal position in the Islamic world.”
It is worth mentioning that the size of the cosmetics and personal care industry reached approximately $352 billion globally in the year 2022, with the halal cosmetics and personal care segment accounting for about $70 billion. The sector is expected to grow at rates exceeding historical industry growth rates. –SPA
