Saudi-based Almarai said it has agreed to buy Egyptian firm Beyti for $115 million, allowing a new joint venture with Pepsico to set foot in the Arab world's most populous nation.

Almarai agreed on Thursday to buy 100 per cent of Beyti, also known as International Company for Agro-Industrial Projects, for 645 million Egyptian pounds, Saudi Arabia's largest dairy company by market value said in a statement.

The price tag also includes a 75-hectare piece of land, it added. "Egyptian markets fall under the work perimeter of the International Dairy and Juice Company (IDJ)," Almarai said.

Almarai and Pepsico announced in February the creation of IDJ, in which the Saudi firm holds a 48 percent stake.

IDJ will be active in countries outside the Gulf Cooperation Council, where Almarai is a dominant player.

Beyti is Almarai's second acquisition since December when it acquired a 75 percent stake in Jordanian dairy and juice firm Teeba for $126.4 million.

The Teeba stake was later transferred to IDJ. Almarai, which has been diversifying its revenues through acquisitions, has earmarked 6 billion riyals for investments up to 2013 to expand its business outside of the Gulf Arab region.-Reuters