RIYADH: Saudi Arabia’s non-oil private sector remained firmly in expansion territory in February, supported by strong domestic demand and steady project approvals, according to the latest Riyad Bank Purchasing Managers’ Index.
The report, compiled by S&P Global, stood at 56.1 in February, slightly down from 56.3 in January in what was a nine-month low.
A PMI reading above 50 signals expansion, while a figure below 50 indicates contraction.
Developing a robust non-oil ecosystem remains central to Saudi Arabia’s Vision 2030 strategy, as the Kingdom continues efforts to diversify its economy and reduce reliance on crude revenues.
Iran’s retaliatory strikes across the Gulf since Feb. 28 have caused the biggest business disruption in the region since the COVID-19 pandemic, leading to airport closures, halted port operations, and sharp swings in financial markets.
