DUBAI, March 18 (Reuters) - The Middle East's biggest

dairy firm Almarai plans to spend over 18 billion

riyals ($4.8 billion) through 2028 under a new plan aimed at

boosting growth while focusing on areas including supply chain

capabilities and food security.

Saudi Arabia's sovereign wealth fund, Public Investment

Fund, owns a stake of around 16% in the firm through one of its

subsidiaries.

Almarai said its strategy aligned with Saudi Arabia's

economic transformation plan, Vision 2030, which aims to

diversify the economy away from oil by developing sectors such

as tourism and industry, expand the private sector and create

jobs.

"Investment in the food industry contributes to achieving

food security in the kingdom and the region while adding value

to shareholders," Almarai said in a bourse filing.

The five-year plan, which envisions investments in areas

including supply chain capabilities and technology, will be

funded through the firm's operational cash flows.

Under the strategy, nearly 7 billion riyals will be

earmarked for poultry expansion, 5 billion riyals to bolster

existing core product categories, while 4 billion riyals will be

allocated to developing supply chain and sales capabilities for

local and regional expansion plans.

Saudi Arabia's largest food products company Savola

said last month it planned to distribute its entire

34.52% stake in Almarai to its eligible shareholders.

($1 = 3.7502 riyals)