PIF Establishes Al Madinah Heritage Company to Develop and Enhance Production of Saudi Ajwa Dates

Aleqtsad

The Public Investment Fund (PIF) has announced the establishment of Al Madinah Heritage Company (“MHC” or “the Company”). The new company will play a key role in improving the quality and production capacity of Ajwa dates in the Madinah region.The launch of the Company will help further develop the Saudi Food and Agriculture industryand drive the diversification of Saudi Arabia’s economy, in line with Vision 2030.

Ajwa dates are widely considered among the finest dates in the world, due to their high nutritional value and significant health benefits, and a rich source of fiber, protein antioxidants and other nutritious factors. In addition, Ajwa dates have a religious and cultural value in the Muslim world, and for visitors to the Madinahregion, in particular.

PIF has invested strategically in the Food and Agriculture sector to help diversify the localeconomy, and support its unique produce industries. Among these investments are its creation of the Saudi Coffee Company, which promotes Saudi Khulani coffee, the Halal Products Development Company, which invests in the halal products sector and the Saudi Agricultural Investment and Livestock Production Company “SALIC”.

As well as enhancing production, MHC will focus on promoting and distributing Ajwa datesboth locally and internationally in addition to other date varieties to meet growing global demand. The company will also contribute to the wider development of sustainable agriculture in the Madinah region through the adoption of the latest agricultural technologies.

Majed Al-Assaf, Head of Consumer Goods and Retail in the MENA Investments Division at PIF, said: “Saudi Arabia is one of the world’s most prominent producers and exporters of dates, and its products have always been of the highest quality, catering to wide consumer demand. The date industry is a key component of the Saudi Arabia’s Food and Agriculturesector and has an important role to play in the realization of Vision 2030.”

The establishment of Al Madinah Heritage Company demonstrates PIF’s commitment to enabling the Food and Agriculture sector, one of the promising sectors in Saudi Arabia that can support the diversification of the Saudieconomy. The company will seek to increase the production and quality of Ajwa dates, and willenhance the promotion and distribution of its products, helping to expand the reach of Ajwa dates.