AGL 38.60 Increased By ▲ 1.03 (2.74%)
AIRLINK 131.00 Decreased By ▼ -1.50 (-1.13%)
BOP 5.59 Decreased By ▼ -0.05 (-0.89%)
CNERGY 3.85 Increased By ▲ 0.08 (2.12%)
DCL 8.74 Decreased By ▼ -0.13 (-1.47%)
DFML 40.80 Decreased By ▼ -0.20 (-0.49%)
DGKC 88.69 Decreased By ▼ -1.47 (-1.63%)
FCCL 35.30 Increased By ▲ 0.22 (0.63%)
FFBL 66.50 No Change ▼ 0.00 (0%)
FFL 10.64 Increased By ▲ 0.49 (4.83%)
HUBC 109.34 Increased By ▲ 2.94 (2.76%)
HUMNL 14.66 Increased By ▲ 1.26 (9.4%)
KEL 4.79 Decreased By ▼ -0.07 (-1.44%)
KOSM 7.03 Increased By ▲ 0.18 (2.63%)
MLCF 42.47 Increased By ▲ 0.67 (1.6%)
NBP 59.50 Increased By ▲ 0.92 (1.57%)
OGDC 183.80 Increased By ▲ 2.55 (1.41%)
PAEL 25.63 Decreased By ▼ -0.07 (-0.27%)
PIBTL 5.90 Increased By ▲ 0.07 (1.2%)
PPL 147.81 Decreased By ▼ -0.59 (-0.4%)
PRL 23.52 Increased By ▲ 0.30 (1.29%)
PTC 16.49 Increased By ▲ 1.25 (8.2%)
SEARL 69.50 Increased By ▲ 0.71 (1.03%)
TELE 7.23 Decreased By ▼ -0.01 (-0.14%)
TOMCL 35.80 Decreased By ▼ -0.20 (-0.56%)
TPLP 7.83 Increased By ▲ 0.43 (5.81%)
TREET 14.25 Increased By ▲ 0.01 (0.07%)
TRG 50.58 Decreased By ▼ -0.27 (-0.53%)
UNITY 26.81 Increased By ▲ 0.41 (1.55%)
WTL 1.22 Increased By ▲ 0.01 (0.83%)
BR100 9,814 Increased By 46.2 (0.47%)
BR30 29,773 Increased By 372.9 (1.27%)
KSE100 92,364 Increased By 425.8 (0.46%)
KSE30 28,847 Increased By 103.3 (0.36%)

The pace of growth in Saudi Arabia’s non-oil sector continued to accelerate in October, lifted by the fastest growth in new orders since March, a survey showed on Tuesday.

The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers’ Index rose to 56.9 in October, the strongest reading in six months, and up slightly from 56.3 in September.

The headline PMI remained well above the 50.0 mark denoting growth.

The new orders subindex surged to 62.5 in October from 59.3 the previous month, marking the highest reading since March and attributed in part to higher client demand, new marketing strategies and greater infrastructure development.

“The significant increase in new orders this month…underscores the success of Vision 2030’s strategic focus on innovation and infrastructure development,” said Naif Al-Ghaith, Riyad Bank’s chief economist.

The output subindex rose to 60.2 in October from 59.7 the previous month.

Saudi Arabia’s Vision 2030 strategy depends on hundreds of billions of dollars in infrastructure investment and domestic reforms to develop new sectors, diversify revenue streams, expand the private sector and create jobs.

Egypt’s non-oil business activity contracts further in October, PMI shows

Finance Minister Mohammed Al Jadaan recently said human resources and implementation had been a challenge for some of the targets, but non-oil GDP now represented about 52% of the economy.

The rate of job creation in October remained modest overall.

Businesses’ confidence about the 12-month outlook improved from September.

Comments

200 characters