Source Credit: Arab News
Saudi Arabia and the United Arab Emirates continue to strengthen their roles as regional partners dedicated to mutual prosperity and shared development goals, this call is a reflection of their continuing discussion.
Positive circumstances in a number of industries, including manufacturing, services, and construction, are reflected in the PMI, which is produced by S&P Global. Expansion is indicated by a value above 50, and this one is the highest since September 2014. Strong demand for products and services is the reason for this rise, with new orders rising sharply as a result of both higher exports and domestic consumption.
Regarding the non-oil sector's upward trend, Naif Al-Ghaith, Chief Economist of Riyad Bank, said, "Saudi Arabia’s non-oil private sector ended 2024 on a high note, reflecting the successful strides made under Vision 2030." He pointed out that in December, company expectations hit a nine-month high, which increased hope for greater expansion in 2025.
All things considered, the increase in the PMI portends a bright future for Saudi Arabia's economy as it moves through its reform process and establishes itself as one of the fastest-growing countries in the region.
