Saudi Arabia's Almarai Company, the Gulf's biggest dairy firm by market value, plans to start a roadshow this week to issue a riyal denominated Islamic bond (sukuk), the firm said in a bourse statement on Saturday.

'Subject to market conditions, Almarai will hold several meetings this week with interested investors,' the firm said in the statement.

Almarai has mandated HSBC to act as arranger, the statement added.

Last year, Almarai got shareholder approval for an Islamic bond sale and also said it plans to invest SR4 billion ($1.1 billion) in the poultry sector.

Almarai had announced plans in December to increase its capital by 73.9 per cent to SR4 billion from SR2.3 billion.-Reuters