Saudi PIF-backed HPDC invests in Singapore's halal-focused FMCG firm Believe

Saudi PIF-backed HPDC invests in Singapore's halal-focused FMCG firm Believe

Photo courtesy of Halal Products Development Company.

The Saudi Public Investment Fund-owned Halal Products Development Company (HPDC) has invested in Singapore’s Believe Pte Ltd, an FMCG company focusing on halal beauty and personal care products.

The company did not disclose the financial details of this investment.

Believe will move its headquarters from Singapore to Saudi Arabia, establishing it as a central hub for global product exports, the company said on Wednesday. It also seeks to localise cosmetics and personal care production by setting up a factory in Saudi Arabia that meets high global standards, manufacturing the company’s brands while offering contract manufacturing for local and eventually global brands.

“Our partnership with Believe represents a strategic opportunity to localise 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,” said Fahad Al Nuhait, CEO of HPDC, in a statement.

Incorporated in 2020, Believe claims to be one of the largest companies in the halal cosmetics and personal care sector in terms of sales, product diversity, and market reach. The company owns five brands and sells its products in various global markets. The company recently expanded into the Gulf countries with HDPC as a strategic investor.

According to DealStreetAsia’s Data VANTAGE, Believe has raised $64.57 million in equity funding since its establishment. Its notable shareholders include Accel, Jungle Ventures, and 360 One Private Equity Fund.

Edited by: Joymitra Rai

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