BUSINESS | Saudi Non – Oil Sector Sees Growth 1st Time In 7 Months

RIYADH | SAUDI ARABIA – An international survey revealed that the non – oil private sector in Saudi Arabia returned to growth last September for the first time in seventh months, amid an increase in demand after easing the general lockdown measures.

‘Business activity in the Saudi Arabia non-oil private sector ticked up in September, supported by a return to sales growth as the economy started to find its footing after the COVID-19 lockdown’, said David Owen, economist at HIS Markit.

The HIS Markit Saudi Arabia Purchasing Managers’ Index (PMI) rose to 50.7 from 48.8 in August, surpassing the 50 mark that separates growth from contraction for the first time since February, prior to the outbreak of the COVID-19 pandemic.

‘In addition, the impact of a rise in VAT notably softened, after a sharp rise in prices and a dip in sales were seen in August. Cost inflation eased to just a marginal pace’, Owen added.

Saudi Arabia, the world’s largest oil exporter, tripled the value-added tax last July from 5 percent to 15 percent in an effort to support state treasury affected by the decline in oil prices and cuts in crude production, which was reflected in business condition.

Saudi Arabia last week announced that the economy had contracted by 7 percent.

The Saudi economy still has ‘some way to go to fully recover’, Owen underlined, adding: ‘Output growth remains well below normal, and jobs are still falling, albeit at a slower rate. Firms will require consistent rises in sales to support a strong end to the year’.

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Sheikh Mansour Bin Zayed Establishes National Media Office in UAE

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Abu Dhabi’s Mubadala And EQT Fund To Buy Sweden’s Envirotainer

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Russia’s Lavrov To Meet With GCC Ministers In Riyadh On Wednesday – Officials

PARIS, France – Russian Foreign Minister Sergei Lavrov will visit Saudi Arabia on Wednesday where he will meet with the foreign ministers of the Gulf Cooperation Council Countries (GCC), two Gulf officials said on Tuesday. Lavrov is expected to meet with ministers of Saudi Arabia, the United Arab Emirates, Oman, Kuwait, Bahrain and Qatar in … More Russia’s Lavrov To Meet With GCC Ministers In Riyadh On Wednesday – Officials

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