Almarai Sets Five-Year Capital Expenditure at $2.83 Billion

(Bloomberg) -- Almarai Co. set its five-year capital investment at 10.6 billion riyals ($2.83 billion) as the Saudi dairy-farm operator and food producer navigates "persistent challenging economic conditions" in the region.

"The focus on efficiency and cost optimization measures will continue throughout the plan period to ensure continuous competitive advantage," the Riyadh-based company said in a statement. The investment program will be financed through increasing operating cash flow and debt, including Islamic bonds.

Read more: Saudi Wealth Fund Builds $2.4 Billion Stake in Food Producer

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