Saudi retail sales grow by 40% near Ramadan, says Othaim CEO

Retail sales in Saudi Arabia during Ramadan and the previous month grew by almost 40 percent compared to the rest of the year, said Youssef Al-Gafari, chief executive of Al-Othaim Markets.

During Ramadan, food consumption rises by 15 percent to 20 percent, Al-Gafari said to CNBC Arabia.

While prices of imported food products have fallen due to lower oil prices and currency swings, Al-Gafari said the prices of local and regional products have remained the same.