Almarai Co., Saudi Arabia’s biggest dairy business, announced a $4.8 billion investment program to diversify production over the next five years and strengthen food security in the kingdom.

The Riyadh-based company which is 16%-owned by Saudi Arabia’s Public Investment Fund, will put money into its core dairy, juice and baked-good products while setting aside funds for technology development.

Almarai also plans to strengthen supply chain logistics, expand poultry sales and introduce new products, the company said in a report to the stock exchange on Monday.

While Saudi Arabia is the world’s largest exporter of oil, it depends on imports for some 80% of its food supply.

The company said its strategy is aligned with Saudi Arabia’s Vision 2030 plan to diversify the economy away from oil by investing in other industries and selling state assets. Saudi Arabia’s largest food products company Savola said last month it planned to distribute its entire 35% stake in Almarai to its eligible shareholders.

“Investment in the food industry contributes to achieving food security in the kingdom and the region while adding value to shareholders,” Almarai said in the statement.