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.
