Saudis spend SR2bn on incense

Saudis spend nearly SR two billion (Dh1.98 billion) on incense and Oud (Arabic perfume) ever year, accounting for nearly 60 per cent of the world’s total consumption, the Saudi Okaz daily said on Tuesday.

Around SR800 million (Dh795 million) is spent on such items during the two Muslim Eid Al-Fitr and Al-Adha, which usually come nearly two months within each other, the newspaper said, citing market data.

“The price of one kilo of genuine Oud could reach SR40,000 but there has been a flood of fake products coming into the Kingdom from Indonesia, India and other Asian countries,” the paper said, quoting Saad Al Hassan, a key trader.

Okaz said over 150 major companies trading in Oud and incense operate in Saudi Arabia but added that individual dealers control that trade.

“Experts affirm that these individual sellers are making much higher profits than those companies because they control most of the trade and they have won the confidence of most customers,” it said.