Kuwait’s Mezzan Foods denies CFO claims of 30% price hike in Saudi Arabia

RIYADH: Kuwait’s Mezzan Foods Co. has denied it plans to increase prices in Saudi Arabia after its chief financial officer said there could be a 30 percent rise for some goods.

The company issued the clarification after Nabil Ben Ayed said in a television interview that Mezzan was considering the hike for food products in order to beat high input costs. 

The manufacturer instead plans to decrease the prices of its consumer-oriented products in Saudi Arabia in order to enhance customer satisfaction, according to a statement.