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23 Jan 2024

PIF sets up company to support Saudi camel dairy industry

PIF sets up company to support Saudi camel dairy industry

Saudi Arabia's Public Investment Fund has established a new company to support the growth of the local camel farming industry as part of the sovereign wealth fund's strategy to boost economic diversification in the kingdom.

Sawani Company will seek to be a leading producer of camel dairy products.

It will work in partnership with the private sector to boost the production capacity of the industry and support the domestic ecosystem by modernising operations, improving the localisation of knowledge and investing in the sector’s latest technologies, the PIF said in a statement on Thursday.

“Saudi Arabia has extensive experience and knowledge of the camel dairy industry and enormous potential to expand its operational capabilities and wider ecosystem," Majed Al-Assaf, head of consumer goods and retail in the Mena investments division at PIF, said.

"These factors represent a competitive advantage across the entire supply chain, which, alongside investment, will enable significant growth of the industry, and eventually lead to the export of camel dairy products, which have many nutritional benefits, to regional and global markets.”

 

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