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.”

The PIF, one of the world’s largest sovereign wealth funds, is at the heart of Saudi Arabia's Vision 2030 strategy, which seeks to cut the country’s reliance on hydrocarbons to fuel its economy.

Since 2017, the fund has established 84 companies across its 13 strategic sectors.

It has more than 2 trillion Saudi riyals ($533 billion) in assets under management and aims to double that by 2025, PIF governor Yasir Al Rumayyan said in May.

The PIF has been instrumental in creating more than 500,000 direct and indirect jobs and intends to create another 1.8 million by 2025, he said.

It also plans to inject up to 1 trillion riyals into new projects in Saudi Arabia and “will continue its efforts to diversify the economy, support local content, develop innovative opportunities for the future and contribute to creating an attractive environment for investments”, Mr Al Rumayyan said at the time.

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The setting up of Sawani comes as part of the PIF's strategic focus on the food and agriculture sector, it said.

The fund has also set up the Saudi Coffee Company, which promotes Saudi Khulani coffee beans, and the Halal Products Development Company, which invests in the halal products sector.

The new company will focus on sustainability throughout all the stages of production, distribution and marketing, and raise awareness of the health benefits of camel dairy products among consumers, the PIF said.

Camel milk's nutritional benefits include high amounts of minerals and vitamins such as A, B, E and C. It is also rich in calcium, protein and antioxidants. Camel milk is also considered low in cholesterol and is easy to digest.

Sawani will also showcase the history and cultural heritage of camel husbandry within Saudi Arabia.

"A key part of the company’s strategy is to increase awareness and knowledge of the industry in order to preserve it, as well as driving sustainable growth through the introduction of the best scientific practices in modern manufacturing technologies at the local level," the PIF said.

Saudi Arabia has unveiled what it says is the world's first camel hotel. All photos: Saudi Camel Club

It is to house and groom camels during the sixth King Abdul Aziz Camel Festival.

The hotel is called Tetaman (rest assured) and has 120 'rooms'.

Mohammed Al Harbi, the official spokesman for the Saudi Camel Club, said that the camel hotel provides a 5-star service to its guests.

The camel festival brings together owners and enthusiasts from the Gulf, the US, Australia, France and Russia.

The festival attracts more than 100,000 visitors a day from around the world and seeks to preserve the camel’s role in Saudi Arabia’s Bedouin tradition.

Staff prepare meals for the camels, including hot milk, in addition to making sure the stables are clean and warm.

A one-night stay costs 500 Saudi riyals ($133).

Camel breeding is a multimillion-dollar industry, and the animals need to be kept in top condition.

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Dust storm

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The specs

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Lexus LX700h specs

Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor

Power: 464hp at 5,200rpm

Torque: 790Nm from 2,000-3,600rpm

Transmission: 10-speed auto

Fuel consumption: 11.7L/100km

On sale: Now

Price: From Dh590,000

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5 of the most-popular Airbnb locations in Dubai

Bobby Grudziecki, chief operating officer of Frank Porter, identifies the five most popular areas in Dubai for those looking to make the most out of their properties and the rates owners can secure:

• Dubai Marina

The Marina and Jumeirah Beach Residence are popular locations, says Mr Grudziecki, due to their closeness to the beach, restaurants and hotels.

Frank Porter’s average Airbnb rent:
One bedroom: Dh482 to Dh739
Two bedroom: Dh627 to Dh960
Three bedroom: Dh721 to Dh1,104

• Downtown

Within walking distance of the Dubai Mall, Burj Khalifa and the famous fountains, this location combines business and leisure. “Sure it’s for tourists,” says Mr Grudziecki. “Though Downtown [still caters to business people] because it’s close to Dubai International Financial Centre."

Frank Porter’s average Airbnb rent:
One bedroom: Dh497 to Dh772
Two bedroom: Dh646 to Dh1,003
Three bedroom: Dh743 to Dh1,154

• City Walk

The rising star of the Dubai property market, this area is lined with pristine sidewalks, boutiques and cafes and close to the new entertainment venue Coca Cola Arena. “Downtown and Marina are pretty much the same prices,” Mr Grudziecki says, “but City Walk is higher.”

Frank Porter’s average Airbnb rent:
One bedroom: Dh524 to Dh809
Two bedroom: Dh682 to Dh1,052
Three bedroom: Dh784 to Dh1,210

• Jumeirah Lake Towers

Dubai Marina’s little brother JLT resides on the other side of Sheikh Zayed road but is still close enough to beachside outlets and attractions. The big selling point for Airbnb renters, however, is that “it’s cheaper than Dubai Marina”, Mr Grudziecki says.

Frank Porter’s average Airbnb rent:
One bedroom: Dh422 to Dh629
Two bedroom: Dh549 to Dh818
Three bedroom: Dh631 to Dh941

• Palm Jumeirah

Palm Jumeirah's proximity to luxury resorts is attractive, especially for big families, says Mr Grudziecki, as Airbnb renters can secure competitive rates on one of the world’s most famous tourist destinations.

Frank Porter’s average Airbnb rent:
One bedroom: Dh503 to Dh770
Two bedroom: Dh654 to Dh1,002
Three bedroom: Dh752 to Dh1,152