Saudi Boom for Non-Oil Businesses Lifts Activity to 7-Year Peak
A billboard advertisement for the Saudi Arabian tourist board.
Photographer: Christopher Pike/BloombergThis article is for subscribers only.
Business activity in Saudi Arabia’s non-oil economy expanded at the fastest pace in more than seven years, booming to an extent unseen since the kingdom embarked on a sweeping effort to reduce its reliance on crude.
New order growth quickened in November to a 14-month high, and companies had the most optimistic expectations for the year ahead since January 2021, according to a survey of purchasing managers compiled by S&P Global and published on Monday.