Saudi-based Almarai Company will invest SR2 billion ($533.3 million) to expand the business of Hail Agricultural Development Company (Hadco) it acquired recently, a Saudi newspaper reported on Sunday.

Chairman Prince Sultan Mohamed Saud al-Kabeer al-Saud said the Gulf's biggest dairy firm by market value would focus these investments on raising Hadco's poultry output fivefolds to an average of 120,000 chicken per hour, al-Eqtisadiah newspaper quoted him as saying.

Almarai paid $253.2 million in cash and stock to complete its takeover last month and enter the lucrative poultry business. The takeover is the first involving two Saudi listed firms.

Almarai has been diversifying its revenues through acquisitions and has earmarked SR6 billion ($1.6 billion) for investments to expand outside the Gulf Arab region.-Reuters