By John Thorpe, Benzinga Staff Writer

Coca-Cola (KO) announced Wednesday that it has reached an agreement to buy half of Saudi Arabia's Aujan Industries' drinks business.

The deal, valued at $980 million, gives the U.S. beverage maker a significant inroad to the growing food and beverage markets in the Middle East and North Africa. The company said in October that it wanted to move into those markets wherever it was strategically possible to do so. Now, it seems to have that foothold.

The deal will give Coca-Cola 50% of the Aujan entity that holds the rights to Aujan-owned brands, and 49% of Aujan's bottling-and-distrib​ution company. This makes Coke and Aujan a huge partnership in the Middle East market.

This is not the first time this year that Coke has reached out to overseas facilities and companies to build its international portfolio. In September, the company announced a 17 million euro investment in France's Les Pennes-Mirabeau facility.

Coke also announced last month that it was investing $2 billion in India, where it hopes to capture market share in a densely populated, fast-growing country. In India, Coke is competing against Pepsi (PEP) for market share.

In the Middle East, Coke has taken the lead ahead of Pepsi and other soda makers.

This transaction represents the largest-ever investment by a multinational firm in the Middle East's fast-moving consumer goods sector, reflecting the strength of Aujan's operations. Aujan holds a top-three position in the beverage industry in every country in which it operates, and is one of the top 100 companies in Saudi Arabia with total annual revenue exceeding $850 million.