Saudi Arabia's Public Investment Fund has established a new company to develop and boost production of Ajwa dates in the Madinah region as part of efforts to further enhance the kingdom's food and agriculture industry.
The new company, Al Madinah Heritage Company (MHC), will focus on promoting and distributing Ajwa dates domestically and internationally, in addition to boosting the development of other date varieties to meet growing global demand, a PIF statement on Sunday said.
It will also contribute to the wider development of sustainable agriculture in the Madinah region through the adoption of the latest technology in the sector.
Ajwa dates are widely considered among the finest in the world, due to their nutritional value and health benefits. They also have religious and cultural value in the Muslim world, particularly for visitors to the Madinah region.
“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," said Majed Al Assaf, head of consumer goods and retail in the Mena investments division at PIF.
"The date industry is a key component of Saudi Arabia’s food and agriculture sector and has an important role to play in the realisation of Vision 2030.”
One of the world’s largest sovereign wealth funds, the PIF is at the centre of the Saudi Vision 2030 initiative to diversify the country’s economy from hydrocarbons.
The total volume of the fund's assets under management amounts to more than 2 trillion Saudi riyals ($533 billion) and it aims to double that by 2025, Yasir Al Rumayyan, governor of the PIF, said in May.
The PIF has been instrumental in creating more than 500,000 jobs and “intends to create 1.8 million direct and indirect jobs”, he said.
The fund also intends to inject up to 1 trillion riyals into new projects in Saudi Arabia to support its efforts to "diversify the economy, support local content, develop innovative opportunities for the future and contribute to creating an attractive environment for investments”, he added.
In March, the PIF also announced three initiatives to boost the growth of the kingdom's private sector.
They include measures to increase the share of local content spending in PIF’s domestic portfolio to 60 per cent by the end of 2025 under its Musahama programme.
As part of its supplier development programme, the PIF will also seek to upskill local suppliers and vendors to meet the growing requirements of the fund's portfolio companies.
Meanwhile, the fund's private sector hub will provide companies with “greater visibility on supplier and investment opportunities” offered by the PIF and its portfolio entities.
Since 2017, the PIF has established 84 companies in 13 strategic sectors.
The setting up of MHC comes as part of the fund's strategic focus on the food and agriculture sector, it said.
The PIF has also set up the Saudi Coffee Company, which promotes Saudi Khulani coffee beans, the Halal Products Development Company and the Saudi Agricultural Investment and Livestock Production Company.
Last week, it also announced the setting up of Sawani, a new company to support the growth of the domestic camel farming industry.
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Brett Anderson
Little Brown Book Group
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UAE currency: the story behind the money in your pockets
Company profile
Company name: Suraasa
Started: 2018
Founders: Rishabh Khanna, Ankit Khanna and Sahil Makker
Based: India, UAE and the UK
Industry: EdTech
Initial investment: More than $200,000 in seed funding
Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
Three tips from La Perle's performers
1 The kind of water athletes drink is important. Gwilym Hooson, a 28-year-old British performer who is currently recovering from knee surgery, found that out when the company was still in Studio City, training for 12 hours a day. “The physio team was like: ‘Why is everyone getting cramps?’ And then they realised we had to add salt and sugar to the water,” he says.
2 A little chocolate is a good thing. “It’s emergency energy,” says Craig Paul Smith, La Perle’s head coach and former Cirque du Soleil performer, gesturing to an almost-empty open box of mini chocolate bars on his desk backstage.
3 Take chances, says Young, who has worked all over the world, including most recently at Dragone’s show in China. “Every time we go out of our comfort zone, we learn a lot about ourselves,” she says.
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Manchester City 4
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WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
Mohammed bin Zayed Majlis
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
Fund-raising tips for start-ups
Develop an innovative business concept
Have the ability to differentiate yourself from competitors
Put in place a business continuity plan after Covid-19
Prepare for the worst-case scenario (further lockdowns, long wait for a vaccine, etc.)
Have enough cash to stay afloat for the next 12 to 18 months
Be creative and innovative to reduce expenses
Be prepared to use Covid-19 as an opportunity for your business
* Tips from Jassim Al Marzooqi and Walid Hanna
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
