Business activity in the non-oil private sector economies of Saudi Arabia and the UAE continued to improve in April on higher output and new orders.
The reading for Saudi Arabia, the Arab world's largest economy, on the Riyad Bank purchasing managers' index hit 59.6 in April, from 58.7 in March.
This was well above the neutral 50 mark that separates growth from contraction, as new orders in the kingdom rose at their fastest pace in more than eight and a half years.
New orders increased at the fastest rate since September 2014 as stronger domestic demand offset a slight drop in export sales, while job creation also continued in April, marking the 13th consecutive monthly rise in total employment numbers.
Customer demand was buttressed by rising tourism numbers and higher consumer spending, as well as new business opportunities related to major infrastructure projects in the kingdom, according to businesses surveyed.
“Long-term business expansion plans have made the rate of job creation slightly stronger than seen on average in the first quarter of 2023,” said Naif Al-Ghaith, chief economist at Riyad Bank.
Despite growing cost pressures — due to both input prices and staff wages rising again, while raw materials appreciated due to the recent weakness in the US dollar — future output expectations were still optimistic.
“Positive sentiment reflected strong sales pipelines, alongside confidence regarding domestic business conditions and the long-term impact of government economic policy objectives,” Mr Al-Ghaith said.
“After all, it seems that the economy can weather additional interest rate hikes to come this year, especially as the labour market remains very strong and businesses continue to display strong performance.”
Saudi Arabia was fastest-growing G20 economy in 2022, expanding by 8.7 per cent last year on higher oil prices and the strong performance of its non-oil private sector.
Increased government spending, as part of the kingdom's investment strategy under Vision 2030, is helping to boost non-oil gross domestic product growth and job creation.
Saudi Arabia's non-oil economy will continue to gain traction, with a growth of 5 per cent expected in the non-oil private sector this year.
This will be supported by higher government capital expenditure, Public Investment Fund projects, robust credit growth, the continued development of the retail and entertainment sectors and employment gains among Saudis and residents, according to Fitch Ratings.
Meanwhile, business activity in the UAE’s non-oil private sector registered a “robust improvement” last month, driven by the fastest growth in new business since November 2021.
The seasonally adjusted S&P Global purchasing managers’ index of the Arab world's second-largest economy, climbed to 56.6 in April, from 55.9 in March, as businesses raised output sharply and increased their inventories and staffing levels to meet improved customer demand driven by receding cost pressures.
The index reading for the Emirates was slightly shy of its post-coronavirus peak of 56.7 recorded in August last year.
Improving UAE market conditions and rising client demand underpinned a strong sales performance in April, according to the survey.
About 30 per cent of businesses surveyed said they registered a sharp increase in new orders from the previous survey period, while 7 per cent reported a decline.
Output levels across the non-oil economy of the Emirates expanded at the sharpest rate in six months in April, as a steep rise in new work boosted activity growth.
Despite the rate of job creation being slightly slower than March's near seven-year record, the survey pointed to a rise in employment that was stronger than the long-run trend.
“Companies maintained their efforts to build capacity levels, resulting in another marked expansion of input stocks. Employment numbers also grew,” said David Owen, a senior economist at S&P Global Market Intelligence.
“Rising demand and rapid capacity improvements helped to drive confidence towards future activity higher for the fourth successive month and to its strongest level since September 2022.”
Expectations that demand will continue to rise sharply meant that optimism towards future activity picked up in April and was at its highest in seven months, according to the survey.
Improving economic conditions and an increase in construction activity and marketing spending were also cited as reasons for the upbeat forecasts.
The UAE economy is estimated to have grown by 7.6 per cent last year, the highest in 11 years, after expanding by 3.9 per cent in 2021, according to the country's Central Bank.
It is projected to grow by 3.9 per cent in 2023 and 4.3 per cent in 2024, according to the regulator.
Despite tighter global financial conditions the UAE's non-hydrocarbon real growth will remain strong at 4.8 per cent this year, the Institute of International Finance said in a report last month.
That is above the 4.2 per cent estimate of the UAE Central Bank for this year and its 4.6 per cent forecast for 2024.
Meanwhile, the headline PMI index reading of Egypt, the Arab world's third-largest economy, showed that the deterioration of business conditions in its non-oil private sector economy had softened in April as cost inflation dropped to a one-year low.
The S&P Global Egypt purchasing managers’ index reading hit 47.3 in April, up from 46.7 in March, its highest reading since October last year, with new orders falling at their softest pace for four months.
“The latest PMI figures for Egypt provided some promising hints for the direction of the non-oil economy, particularly on inflation,” Mr Owen said.
“Relative calmness in currency markets led to reduced pressure on import prices, culminating in the softest rise in purchase costs for a year and one that was weaker than the trend rate. The slowdown encouraged firms to raise their own charges to a lesser extent, which helped to partly alleviate the downturn in sales.”
The survey's findings suggest that headline inflation in Egypt should begin to soften over the coming months after hitting a near six-year high of 32.7 per cent in March, which is expected to ease the country's cost-of-living crisis.
More from Neighbourhood Watch:
MEYDAN CARD
6.30pm Al Maktoum Challenge Round-1 Group One (PA) US$65,000 (Dirt) 1,600m
7.05pm Handicap (TB) $175,000 (Turf) 1,200m
7.40pm UAE 2000 Guineas Trial Conditions (TB) $100,000 (D) 1,600m
8.15pm Singspiel Stakes Group Two (TB) $250,000 (T) 1,800m
8.50pm Handicap (TB) $135,000 (T) 1,600m
9.25pm Al Maktoum Challenge Round-1 Group Two (TB) $350,000 (D) 1,600m
10pm Dubai Trophy Conditions (TB) $100,000 (T) 1,200m
10.35pm Handicap (TB) $135,000 (T) 1,600m
The National selections:
6.30pm AF Alwajel
7.05pm Ekhtiyaar
7.40pm First View
8.15pm Benbatl
8.50pm Zakouski
9.25pm: Kimbear
10pm: Chasing Dreams
10.35pm: Good Fortune
More from Neighbourhood Watch:
Company%20Profile
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MATCH INFO
Manchester United 2
(Martial 30', McTominay 90 6')
Manchester City 0
ENGLAND SQUAD
Joe Root (c), Moeen Ali, Jimmy Anderson, Jonny Bairstow, Stuart Broad, Jos Buttler, Alastair Cook, Sam Curran, Keaton Jennings, Ollie Pope, Adil Rashid, Ben Stokes, James Vince, Chris Woakes
The biog
Title: General Practitioner with a speciality in cardiology
Previous jobs: Worked in well-known hospitals Jaslok and Breach Candy in Mumbai, India
Education: Medical degree from the Government Medical College in Nagpur
How it all began: opened his first clinic in Ajman in 1993
Family: a 90-year-old mother, wife and two daughters
Remembers a time when medicines from India were purchased per kilo
more from Janine di Giovanni
Fixtures
Wednesday
4.15pm: Japan v Spain (Group A)
5.30pm: UAE v Italy (Group A)
6.45pm: Russia v Mexico (Group B)
8pm: Iran v Egypt (Group B)
UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
HWJN
%3Cp%3EDirector%3A%20Yasir%20Alyasiri%3C%2Fp%3E%0A%3Cp%3EStarring%3A%20Baraa%20Alem%2C%20Nour%20Alkhadra%2C%20Alanoud%20Saud%3C%2Fp%3E%0A%3Cp%3ERating%3A%203%2F5%3C%2Fp%3E%0A%3Cp%3E%3C%2Fp%3E%0A
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
The Facility’s Versatility
Between the start of the 2020 IPL on September 20, and the end of the Pakistan Super League this coming Thursday, the Zayed Cricket Stadium has had an unprecedented amount of traffic.
Never before has a ground in this country – or perhaps anywhere in the world – had such a volume of major-match cricket.
And yet scoring has remained high, and Abu Dhabi has seen some classic encounters in every format of the game.
October 18, IPL, Kolkata Knight Riders tied with Sunrisers Hyderabad
The two playoff-chasing sides put on 163 apiece, before Kolkata went on to win the Super Over
January 8, ODI, UAE beat Ireland by six wickets
A century by CP Rizwan underpinned one of UAE’s greatest ever wins, as they chased 270 to win with an over to spare
February 6, T10, Northern Warriors beat Delhi Bulls by eight wickets
The final of the T10 was chiefly memorable for a ferocious over of fast bowling from Fidel Edwards to Nicholas Pooran
March 14, Test, Afghanistan beat Zimbabwe by six wickets
Eleven wickets for Rashid Khan, 1,305 runs scored in five days, and a last session finish
June 17, PSL, Islamabad United beat Peshawar Zalmi by 15 runs
Usman Khawaja scored a hundred as Islamabad posted the highest score ever by a Pakistan team in T20 cricket
The specs
Engine: 3.0-litre flat-six twin-turbocharged
Transmission: eight-speed PDK automatic
Power: 445bhp
Torque: 530Nm
Price: Dh474,600
On Sale: Now
10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
Apple%20Mac%20through%20the%20years
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Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
FIXTURES
Fixtures for Round 15 (all times UAE)
Friday
Inter Milan v AS Roma (11.45pm)
Saturday
Atalanta v Verona (6pm)
Udinese v Napoli (9pm)
Lazio v Juventus (11.45pm)
Sunday
Lecce v Genoa (3.30pm)
Sassuolo v Cagliari (6pm)
SPAL v Brescia (6pm)
Torino v Fiorentina (6pm)
Sampdoria v Parma (9pm)
Bologna v AC Milan (11.45pm)
THE SIXTH SENSE
Starring: Bruce Willis, Toni Collette, Hayley Joel Osment
Director: M. Night Shyamalan
Rating: 5/5
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
The specs: 2018 Peugeot 5008
Price, base / as tested: Dh99,900 / Dh134,900
Engine: 1.6-litre turbocharged four-cylinder
Transmission: Six-speed automatic
Power: 165hp @ 6,000rpm
Torque: 240Nm @ 1,400rpm
Fuel economy, combined: 5.8L / 100km
'Project Power'
Stars: Jamie Foxx, Joseph Gordon-Levitt, Dominique Fishback
Director: Henry Joost and Ariel Schulman
Rating: 3.5/5
THE%C2%A0SPECS
%3Cp%3EEngine%3A%204-cylinder%202.5-litre%20%2F%202-litre%20turbo%0D%3Cbr%3EPower%3A%20188hp%20%2F%20248hp%0D%3Cbr%3ETorque%3A%20244Nm%20%2F%20370Nm%0D%3Cbr%3ETransmission%3A%207-speed%20auto%0D%3Cbr%3EOn%20sale%3A%20now%0D%3Cbr%3EPrice%3A%20From%20Dh110%2C000%0D%3C%2Fp%3E%0A
FA Cup quarter-final draw
The matches will be played across the weekend of 21 and 22 March
Sheffield United v Arsenal
Newcastle v Manchester City
Norwich v Derby/Manchester United
Leicester City v Chelsea
UAE currency: the story behind the money in your pockets
