Monday, 2 October, 2023

Business activity in KSA, UAE improves in July

Business activity in the non-oil private sector economies of Saudi Arabia and the UAE remained firmly in expansion territory, continuing the cycle of improvement in July amid robust economic momentum in the Arab world's largest economies.
The headline Riyad Bank Saudi Arabia purchasing managers' index reading reached 57.7 in July, lower than 59.6 recorded in June. It, however, stayed well above the neutral 50-point mark that separates growth from contraction.
The latest reading was also higher than the long-run survey average and signalled strong underlying business conditions in the kingdom, report agencies.
The strong performance by the non-oil private sector companies in July reflects “favourable domestic economic conditions” that drove the sharp upturn in business activity, albeit at a slower pace than in June.