Saudi Businesses Secure Record Orders In September Amid Stable Oil Prices
Category: BUSINESS

Saudi businesses closed September on a strong footing, with the highest growth in new orders since May. That fed into higher employment numbers across the non-oil private sector, says the latest Riyad Bank PMI update.

Saudi Businesses Witness Record Growth in September Orders

The latest report from Riyad Bank highlights a significant increase in new orders in Saudi Arabia's non-oil private sector for September, achieving the highest growth since May.

Strong Employment Numbers Amid Non-Oil Sector Expansion

As orders surged, businesses ramped up hiring, contributing to higher employment numbers across the sector.

The Non-Oil Sector Acts as a Buffer Amid Fluctuating Oil Revenues

With the decline in global oil prices, the non-oil sector continues to play a crucial role in maintaining Saudi Arabia's economic momentum.

Challenges Facing Saudi Businesses: Competition and Output Expectations

Despite the positive outlook, business owners face short-term challenges, including increased competition and reduced selling charges.

Impact of OPEC+ Decisions on Saudi Business Sentiments

Future decisions by OPEC+ on oil production cuts are expected to significantly affect business sentiments in Saudi Arabia.

Saudi Arabia’s Diversification Strategy Pays Off

Riyad Bank emphasizes that diversification across non-oil industries will provide a more stable economic foundation in the face of oil price volatility.

Saudi Arabia's September PMI Shows Robust Economic Growth

The PMI score for September stood at 56.3, reflecting a notable acceleration in non-oil sector growth driven by higher domestic demand and promotional efforts.

 

03 Oct, 2024 0 450
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