The Public Investment Fund (PIF) has announced the launch of Badael Company, a new initiative dedicated to tackling tobacco use and promoting healthier alternatives. Badael aims to develop, manufacture, and distribute innovative products that provide tobacco-free and less harmful alternatives to traditional smoking. The company's primary objective is to reduce smoking prevalence and improve the overall well-being of the Saudi population.
With the aim of helping one million individuals quit smoking by 2032, Badael intends to make its tobacco-free nicotine delivery products available throughout Saudi Arabia. This ambitious target represents approximately 25% of all smokers in the country. The potential impact of this transition is substantial, with direct annual savings on healthcare expenditure expected to exceed SR6 billion by 2032.
The establishment of Badael aligns with Saudi Arabia's commitment to enhancing the quality of life for its citizens. By focusing on reducing smoking prevalence, the initiative addresses the negative health consequences associated with tobacco use and contributes to the nation's well-being goals.
Furthermore, Badael strives to fulfill PIF's localization mandate by supporting domestic manufacturing, sourcing raw materials locally, and fostering knowledge transfer and intellectual property development. The company's products will be manufactured in Saudi Arabia, ensuring the highest standards of quality and safety. Badael aims to create new economic opportunities, generate employment, and collaborate with local private sector entities and global partners renowned for their expertise.
The vision of Badael extends beyond curbing smoking habits; it aligns with PIF's broader strategy to enhance the quality of life for all Saudi citizens. This initiative is part of Saudi Arabia's ongoing efforts to diversify the economy, promote local manufacturing, drive economic transformation, and create job opportunities.
PIF's commitment to societal development is evident through the establishment of 77 companies since 2017, contributing to the creation of over half a million direct and indirect jobs.
