Saudi Non – Oil Sector Expansion Loses Momentum In August – PMI

Paris / France – Saudi Arabia’s non – oil private sector continued to grow in August but lost momentum due to a sharp drop in out expansion, a business survey showed, signalling a challenging recovery from the COVID – 19 pandemic. The seasonally adjusted IHS Markit Saudi Arabia Purchasing Managers’ Index (PMI) dropped to 54.1 … More Saudi Non – Oil Sector Expansion Loses Momentum In August – PMI

Saudi Non – Oil Sector Employment Rises Amid Steady Growth

Saudi Arabia’s non – oil private sector continued to expand in June at a fast rate and job creation rose to a 19 – month high, a survey showed, as the largest Arab economy recovers from the coronavirus crisis. The seasonally adjusted IHS Markit Saudi Arabia Purchasing Manager’s Index (PMI) stood at 56.4 in June, … More Saudi Non – Oil Sector Employment Rises Amid Steady Growth

Saudi First Quarter GDP Shrinks 3%, Hit By Oil Sector Decline

Saudi Arabia’s gross domestic product fell 3% in the first quarter, slightly less than official estimates and compared with a 1% contraction last year, as a sharp fall in the oil sector pulled back the economy, data showed. The kingdom’s economy has been hit hard by the twin shock of last year’s historic oil price … More Saudi First Quarter GDP Shrinks 3%, Hit By Oil Sector Decline

ECONOMY | Saudi Sovereign Wealth Fund Hires New Corporate Finance Head, Makes Other Changes

RIYADH – – Saudi Arabia’s sovereign wealth fund has hired Fahad al – Saif, the chief executive of the finance  ministry’s debt management centre, as its new corporate finance head. He replaces Alireza Zaimi, who will become a special advisor to the fund’s  governor Yasir al – Rumayyan, the Public Investment FUND (PIF) said in … More ECONOMY | Saudi Sovereign Wealth Fund Hires New Corporate Finance Head, Makes Other Changes

BREAKING NEWS | Saudi Crown Prince: We Will Continue To Grow In Various Fields

NEOM – – Saudi Arabia’s Crown Prince Mohammed bin Salman bin Abdulaziz, Deputy Prime Minister, Minister of Defense and Chairman of the Council of Economic and Development Affairs, affirmed that the Kingdom will continue to consolidate the gains made since the approval of the Vision 2030, and stressed its keenness to move towards further development … More BREAKING NEWS | Saudi Crown Prince: We Will Continue To Grow In Various Fields

ECONOMY | Saudi November Inflation At 5.8 Y/Y On Higher Food Prices

RIYADH – – Saudi Arabia’s consumer price index increased by 5.8% in November compared with the same month last year, official data showed on Tuesday, while remaining the same as October’s rate. The world’s largest oil exporter is facing a steep economic contraction this year amid low oil price, while coronavirus – induces restrictions curbed … More ECONOMY | Saudi November Inflation At 5.8 Y/Y On Higher Food Prices

BREAKING NEWS | Saudi Budget 2021: Revenues Estimated At 849 Billion Riyals, Spending At 990 Billion Riyals

RIYADH – – Saudi Arabia has announced its budget for 2021, with revenues estimated at 849 billion riyals for the coming year. Saudi Arabia’s King Salman confirmed that approved expenditures in the Kingdom’s budget for 2021 will amount at 990 billion riyals, and an estimated deficit of 141 billion riyals, representing 49 percent of the … More BREAKING NEWS | Saudi Budget 2021: Revenues Estimated At 849 Billion Riyals, Spending At 990 Billion Riyals

BREAKING NEWS | Saudi Crown Prince: Kingdom’s Economy Proves Ability To Face COVID-19 Repercussions

RIYADH – – Saudi Arabia’s economy has proven its ability to face the repercussions of the coronavirus pandemic, Crown Prince Mohammed bin Salman said following the announcement of the Kingdom’s budget for 2021. ‘Financial and economic measures have been taken at reducing the repercussions of the pandemic on economic activities. The crisis was managed with … More BREAKING NEWS | Saudi Crown Prince: Kingdom’s Economy Proves Ability To Face COVID-19 Repercussions

ECONOMY | Saudi Arabia To Issue Executive Regulations On Labor Reform Initiative Soon: Ministry Official

The Minister of Human Resources and Social Development will issue soon the executive regulations of the Labor Reform Initiative (LRI), Sattam Alharbi, Deputy Minister for Inspection and development of work environment, was cited by Saudi Press Agency as saying. The initiative, which falls under the Kingdom’s National Transformation Program, was launched by the ministry last … More ECONOMY | Saudi Arabia To Issue Executive Regulations On Labor Reform Initiative Soon: Ministry Official

ECONOMY | Saudi Arabia Could Review VAT Hike After Pandemic Ends, Says Minister

Saudi Arabia’s acting information minister on Thursday said the kingdom could review its VAT increase after the novel coronavirus pandemic ends, a move which may spur economic recovery after the tax increase boosted inflammation. Saudi Arabia tripled value – added tax to 15 percent in July to offset the impact of lower oil revenue on … More ECONOMY | Saudi Arabia Could Review VAT Hike After Pandemic Ends, Says Minister