Riyadh, Saudi Arabia — Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, announced Sunday it has established Al Madinah Heritage Company to improve 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 industry and drive the diversification of Saudi Arabia’s economy, in line with Vision 2030, PIF said in a statement.
As well as enhancing production, MHC will focus on promoting and distributing Ajwa dates both 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, the statement said.
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 Madinah region, in particular.
PIF has invested strategically in the Food and Agriculture sector to help diversify the local economy, 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”.
Majed Al-Assaf, Head of Consumer Goods and Retail in the MENA Investments Division at PIF, said, “The company will seek to increase the production and quality of Ajwa dates, and will enhance the promotion and distribution of its products, helping to expand the reach of Ajwa dates.”