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Zawya
32 minutes ago
- Zawya
Saudi PMI slips to in July as business activity expansion hits lowest level in over 3 years
Saudi Arabia's Purchasing Managers' Index (PMI) slipped in July with business activity expansion hitting its lowest level in 3.5 years in the non-oil sector, and optimism at the lowest recorded level since July 2024. The Riyad Bank Saudi Arabia PMI slipped to 56.3 in July, down from 57.2 in June, on the back of a slowdown in new orders growth and business confidence easing, according to the survey. Higher competition and lower customer footfall weighed on businesses further, while some panellists reported difficulties in gaining new foreign clients, leading to a decrease in new export orders for the first time in nine months. While July recorded inventory growth amongst manufacturers and wholesale and retail firms, new input purchases rose at a much slower pace compared to June. Delivery times shortened on balance; however, the rate of improvement eased sharply due to customs delays. Despite concerns, work on existing projects and incoming new orders helped to sustain growth, the report added. 'Businesses continued to see improved demand, but competitive pressures and more cautious client spending weighed on the pace of expansion,' Naif Al-Ghaith, Chief Economist at Riyad Bank, said. 'External demand was also softer, while purchasing activity rose at a slower pace.' Non-oil sector firms reported an uplift in employment levels in July, citing domestic demand conditions, signalling 'the fastest uplift in over 14 years,' the report said. Input price pressures across the Saudi Arabian non-oil sector was strong during July, the survey stated, although the rate of inflation slowed slightly from the second-quarter average. Rising input costs resulted in a markup in prices charged for the second month running. Expectations for future activity softened notably from June's two-year high in July. Al-Ghaith said firms expect activity to pick up over the coming year, supported by steady demand, strong pipelines, and ongoing investment tied to Vision 2030. (Writing by Bindu Rai, editing by Brinda Darasha)
Zawya
2 hours ago
- Zawya
Egypt's non-oil sector shows signs of stability as PMI nears growth threshold
Egypt's non-oil private sector showed signs of stabilisation in July, with employment rising for the first time in nine months and a softer decline in output and new orders, according to the latest S&P Global Egypt PMI report. The headline PMI rose to 49.5 in July from 48.8 in June, remaining below the 50.0 threshold that separates growth from contraction. However, the index reached its joint-highest level in five months, suggesting only a marginal decline in business conditions. "Businesses ... had the confidence to hire new staff, leading to an increase in employment for the first time in nine months, if only a fractional one," said David Owen, Senior Economist at S&P Global Market Intelligence. Employment rose as firms responded to signs of stabilising demand and rising backlogs of work. Output and new orders continued to fall, albeit at a softer rate than in June, with some firms noting increased activity amid tentative signs of recovering sales. The wholesale and retail sector remained the largest drag on demand and activity. Input prices rose at a quicker pace, driven by higher costs for items such as cement and fuel, yet remained below the long-run trend. Selling charges increased for the third consecutive month, although the rate of inflation was modest. Despite ongoing challenges, optimism about future activity improved slightly from June's record low, with firms expressing hopes for slower inflation and reduced regional conflict. However, overall confidence remained historically subdued. (Reporting by Reuters)
The National
4 hours ago
- The National
How everyone benefits from the UAE's growing non-oil economy
For many people, midway through the year is a good time to take stock, review progress and plan for the future. The same is true for countries and economies, making this week's news that Abu Dhabi's non-oil foreign trade in the first half of this year jumped 34.7 per cent annually to Dh195.4 billion ($53.2 billion) significant. As the emirate's non-oil economy continues to expand amid diversification drives and government initiatives, these latest figures reveal that a thriving, post-hydrocarbons UAE is no longer about near-future speculation; it is unfolding now. The reasons behind this are varied but they are not only of national interest – they have global relevance too. One important driver of the UAE's flourishing non-oil trade is the country's economic relationships with an expanding list of partner states. By signing new trade deals, such as the more than two dozen Comprehensive Economic Partnership Agreements (Cepas) struck in recent years, the Emirates is opening new markets, boosting trade and investment flows, and removing tariffs. The UAE's growing domestic manufacturing base also plays an important role in building up the non-oil economy; in 2023 alone, Abu Dhabi's industrial sector contributed to 16.5 per cent to the emirate's non-oil gross domestic product and represented 51.3 per cent of the UAE's manufacturing sector. Similarly, the UAE's growing relevance as an AI and technology hub gives it a critical role in the 21st-century global economy. Research from PricewaterhouseCoopers, one of the world's largest professional services companies, predicts that AI alone will contribute close to 14 per cent of the UAE's GDP by 2030. This aligns with the country's National Artificial Intelligence Strategy, which aims to have the technology contribute 20 per cent to non-oil GDP by 2031. None of this is to suggest that energy is taking a back seat, rather that the focus has changed. Energy is the engine of economic growth and hydrocarbons globally continue to play a vital role. Entities like XRG and the Emirates Nuclear Energy Company are leading the drive to ensure energy demands are met and sources are diversified. But the country is also investing billions in renewable energy projects and technologies. Although the focus so far has largely been on reducing the country's carbon footprint and ensuring a sustainable supply of domestic power in the future, the UAE looks set to become an important exporter of green energy. The country's National Hydrogen Strategy, for example, has the goal of becoming a top 10 global producer and supplier of low-emission hydrogen by 2031. None of these developments came to fruition overnight. They have required significant strategising, infrastructural investment and technical know-how All of the above require solid infrastructure, technical innovation and skilled people. This is certainly good news for the UAE because the country's commitment to developing these resources will not only boost its non-oil trade, it will also benefit citizens and residents. A recent train journey from Dubai to Fujairah taken by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, showed how the Etihad Rail project will not only be critical in economic terms by boosting logistics, connectivity and supply chains, it will improve the quality of life for those who live here. Job creation, more foreign direct investment and local supply chains for clean energy technologies will be important and beneficial consequences of the UAE's non-oil economy. None of these developments came to fruition overnight. They have required significant strategising, infrastructural investment and technical know-how. That takes years of planning but we are now seeing the fruits of that long-term vision. Success in driving the UAE's non-oil economy – alongside other important sectors such as tourism and financial services – shows that the country has been prescient in future proofing for uncertain times.
