Saudi Almarai to invest $533 mln in Hail buy-report

RIYADH, Nov 8 - Saudi-based Almarai Co <2280.SE> will invest 2 billion riyals to expand the business of Hail Agricultural Development Co it acquired recently, a Saudi newspaper reported on Sunday.

Prince Sultan Mohamed Saud al-Kabeer al-Saud, the chairman of the Gulf's biggest dairy firm by market value, will focus these investments on developing Hadco's poultry business, al-Eqtisadiah newspaper quoted him as saying.

Almarai paid $253.2 million in cash and stock to take over Hadco.