Halal Products Development Company (HPDC) announced its investment in halal cosmetics firm Believe to bolster its local production and global export capabilities
On 20th May 2024, in Riyadh, the HPDC announced a binding agreement to invest in Believe, a company specializing in halal cosmetics and personal care products. This move underscores HPDC’s commitment to strengthening the halal industry ecosystem within Saudi Arabia and providing high-quality, Islamic standard-compliant products both locally and globally.
The investment will facilitate the relocation of Believe’s headquarters from Singapore to Saudi Arabia, positioning the Kingdom as a central hub for the company’s global export operations. Additionally, HPDC plans to establish a state-of-the-art manufacturing facility in Saudi Arabia, which will not only produce Believe’s branded products but also offer contract manufacturing services to local and eventually international brands. This initiative is aimed at localizing production capabilities, enhancing research and development, and empowering small and medium-sized enterprises (SMEs) with value-added services such as advanced formulations, product and brand design, and packaging. More about HPDC click here.
Fahad Al Nuhait, CEO of HPDC, stated, “Our investment in this sector marks a significant initial step, acting as a key catalyst for the development and localization of halal cosmetics and personal care manufacturing. This partnership with Believe represents a strategic opportunity to localize and transfer expertise to Saudi Arabia, supporting Vision 2030 by creating direct and indirect employment opportunities.”
Ankit Mahajan, CEO of Believe, remarked, “This partnership enables us to expand our scope and establish robust manufacturing capabilities. Relocating our headquarters to Saudi Arabia aligns with the Kingdom’s pivotal position in the Islamic world, enhancing our ability to meet regional and global goals.”
The global cosmetics and personal care industry was valued at approximately $352 billion in 2022, with the halal segment accounting for around $70 billion. This sector is projected to grow at rates surpassing historical trends.
A full media release on the agreement can be found here.
