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Almarai is to cut its investment by one third, bringing it to an average of 2.9bn riyals (US$773m) a year between 2017 and 2012.
According to a filing to the Saudi stock market, the world’s largest vertically integrated dairy company will focus on replacing existing assets, improving production capacities across their farms, manufacturing, distribution and transportation facilities.
The investment will be funded from operating cashflow, banks, the Saudi industrial development fund, the Saudi agricultural development fund and sukuk programmes.
Almarai was established by Irishman Alastair McGuckian and his brother Paddy, in partnership with Prince Sultan bin Mohammed bin Saud Al Kabeer.
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