Wednesday, 16 January 2013

Mr. Abdullah Bin Saleh Al Othaim , the CEO OF Othaim Markets has revealed price stability for most of food and consumer products during the first and second quarter of the current year, where sugar price has declined to reach a percentage of 7%.

Othaim said that the most items that maintained price stability during 2011 are Rice, milk, flour, some tea kinds, he has also pointed at the rising of some products prices like chicken which price have increased through the first quarter by (7%), and powder milk which increased by (7 -11%) in addition to some oil products.

Othaim has cleared that this phenomena of increased prices is most probably related to external reasons, because its related to the increase in prices of raw materials, imported items, shipping costs, currency prices changes and increase in oil prices.. etc.. noting the report that was issued by FAO including the increased prices of chicken and kids milk between (10-20%).

Othaim has confirmed Othaim Market's concern in serving its customers and providing basic products with suitable competitive prices to avoid monopoly, referring to the support given from Othaim marketing department budget on hundreds of items a week, where the discount percentage for some goods reaches up to 40%. Othaim said that supporting hundreds of items a week comes in the framework of of providing the client with an item with best price..

On the other hand Al Othaim appealed to his colleagues, suppliers and manufacturers, the importance of positive competition to serve the consumer, and working on stabilizing prices, and provide alternatives that reduce price volatility. It is noteworthy that Al Othaim Company had launched the campaign (Farhat Watan) to celebrate the return of the Custodian of the Two Holy Mosques King Abdullah Bin Abdul Aziz Al-Saud to his homeland safe and healed, sponsored by King Abdullah Bank for Food & Clothing, and in cooperation with the Ministry of Social Affairs with a budget of 50 million Riyals and it included providing free food packages to charity organizations and offering a 20% discount for low-income people on their purchases of Othaim private label items for a year, in addition to providing many gifts and prizes for shoppers at Othaim Malls and markets.

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