Saudi Arabia’s non-oil private sector registered an improvement in business conditions in October, with a rise in new orders driving an expansion of the economy despite a decline in output growth, a survey showed.
The seasonally adjusted Emirates NBD Saudi Arabia Purchasing Managers’ Index – a composite gauge designed to give a single-figure snapshot of operating conditions in the non-oil private sector economy – stood at 53.8 in October, up from 53.4 in September.
A reading above 50 indicates an improvement in business conditions in the survey produced by Dubai's largest lender and IHS Markit.
“The latest expansion was moderate and above that recorded in September, although it remained weak in the context of historical data,” Emirates NBD said.
Stronger inflows of business in domestic and foreign markets contributed to the latest expansion, and foreign demand improved after a deterioration in September, the survey found.
However, output growth eased to a six-month low and was the third weakest since the survey’s inception in August 2009 – although it remained above the 50 "no change" mark.
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Read more:
Saudi Arabia's non-oil economy expands on higher output growth and orders
UAE non-oil private sector growth slows in July to three-month low, Emirates NBD says
Saudi non-oil economy grows to its highest so far this year
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The fall in October was the first in average cost burdens faced by non-oil private sector businesses since the survey began. However, the rate of decline was slight overall and linked to competitive pressures among input suppliers and falling wage bills, Emirates NBD added.
Meanwhile, business confidence about future growth prospects hit a 58-month high in October. Non-oil private sector businesses increased their payroll numbers at the fastest rate in seven months to service the increase in new order inflows, and as sentiment grew.
Meanwhile, stocks of purchases increased once again during the latest survey period.
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Creator: Mike White
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Rating: 4.5/5
Miss Granny
Director: Joyce Bernal
Starring: Sarah Geronimo, James Reid, Xian Lim, Nova Villa
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(Tagalog with Eng/Ar subtitles)
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Cape Town Sevens on Saturday and Sunday: Pools A – South Africa, Kenya, France, Russia; B – New Zealand, Australia, Spain, United States; C – England, Scotland, Argentina, Uganda; D – Fiji, Samoa, Canada, Wales
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Stars: Basel Adra, Yuval Abraham
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APPLE IPAD MINI (A17 PRO)
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A MINECRAFT MOVIE
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At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
Profile of Tamatem
Date started: March 2013
Founder: Hussam Hammo
Based: Amman, Jordan
Employees: 55
Funding: $6m
Funders: Wamda Capital, Modern Electronics (part of Al Falaisah Group) and North Base Media
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COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
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4.35pm: Tilal Al Khalediah
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US tops drug cost charts
The study of 13 essential drugs showed costs in the United States were about 300 per cent higher than the global average, followed by Germany at 126 per cent and 122 per cent in the UAE.
Thailand, Kenya and Malaysia were rated as nations with the lowest costs, about 90 per cent cheaper.
In the case of insulin, diabetic patients in the US paid five and a half times the global average, while in the UAE the costs are about 50 per cent higher than the median price of branded and generic drugs.
Some of the costliest drugs worldwide include Lipitor for high cholesterol.
The study’s price index placed the US at an exorbitant 2,170 per cent higher for Lipitor than the average global price and the UAE at the eighth spot globally with costs 252 per cent higher.
High blood pressure medication Zestril was also more than 2,680 per cent higher in the US and the UAE price was 187 per cent higher than the global price.
