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FINANCIAL NEWS
Saudi incense, oud sector hits USD4b
14 Jul 2014
(MENAFN) Investments in the incense and oud sector in Saudi Arabia reached USD4 billion in volume annually, according to Arab News.
Demand on the incense and oud sector in the holy month of Ramadan boosted to nearly 80 percent.
The volume of trade in the Saudi market has boosted eight folds since 2010 where the figure was less than USD500 million.
Accordingly, the market has expanded by more than double with the entry of foreign companies, notably Asian, due to growing trends to purchase incense and oud products.
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