RIYADH: In a move that would encourage the growth of Shariah-compliant food worldwide, Halal Products Development Co., a wholly-owned subsidiary of the Public Investment Fund, has announced a strategic partnership with US-based Eat Just Inc.
According to a press release, HPDC will provide advisory solutions to assist Eat Just Inc. in obtaining halal certification and the necessary approvals to operate as a food distributor in the Muslim world.
The partnership will also leverage HPDC’s services to help Eat Just develop a sustainable strategy to enter the halal market, paving the way to export its products to local and regional markets.
“Through this alliance, Eat Just will benefit from HPDC’s review and support services to enhance its business and ensure that all its production stages are compatible with the principles and standards of the halal market,” said HPDC CEO Fahad Al-Nuhait in a statement.
The partnership will also allow Eat Just to utilize HPDC’s advisory department to vet and clear the official procedures for securing halal certification worldwide.
“Our partnership is certain to help accelerate the realization of the company’s ambitions to build a healthier, safer, and more sustainable food ecosystem across target markets,” added Al-Nuhait.
Supported by a global team of scientists and chefs spanning over 12 research fields, Eat Just employs a range of food industry technologies, including the production of plant proteins and the cultivation of animal cells, to develop and market plant-based alternatives.
Launched just last year, HPDC has played a pivotal role in localizing the halal production sector within the Kingdom. It enables local enterprises, including small and medium-sized businesses, to grow and expand across global halal markets.
Furthermore, the company facilitates access for PIF and its portfolio firms to various collaboration and investment opportunities across global halal markets.
The food company was established with the objective of aligning with the targets outlined in Saudi Arabia’s Vision 2030, which seeks to diversify the nation’s economy beyond oil. This entails the growth of critical sectors, including goods and retail, as well as food and agriculture.
Last month, HPDC formalized the creation of a joint venture with Brazilian food processor BRF, with the former holding 30 percent and the latter 70 percent. This JV’s primary goal will be developing Brazil’s halal meat industry.
