The Chairman of the General Federation of Chambers of Commerce, Industry, and Agriculture and the Chairman of Al-Naseem Company, Mohamed Al-Raied, spoke exclusively to our source stating that our product prices have become reasonable due to their availability. Therefore, goods increase in price when they are not available in the market.
He added: “Certainly, Al-Naseem’s prices will increase, but the increases will be gradual. This is due to the rise in the exchange rate and the imposition of a fee on the sale of foreign currency.”
He further advised: “My advice to the officials is to facilitate the importation of goods. If they are made available, prices will not increase, and the opposite is true. Therefore, the profit margin will be small because the market is fundamentally based on the theory of supply and demand.”
Al-Raied also clarified that the price increase for local products is estimated at only 20%.
