The board of Saudi Arabia’s Almarai has approved a capital investment plan which will reach 21 billion riyals (Dh20.56bn) in the next five years, it said on Tuesday.
The Gulf’s largest dairy firm said the 2016-2020 programme will replace their existing investment plan, and cover the capacity expansion needs in the areas of farming, manufacturing, distribution and logistics.
“The objectives set by the board include increasing further its presence in all segments and geographies where it operates, targeting to double consolidated sales, while improving the financial performance,” it said in a statement.
Its previous investment plan had foreseen spending worth 15.7bn riyals between 2013 and 2017.
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Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
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