The Kingdom of Saudi Arabia has seen an increase in the business activity at the fastest pace since 2017 according to the most recent figures for the first half of the year.
The Purchasing Managers Index (PMI) survey compiled by IHS Markit rose to 56.4 in May from 55.2 in April which is the highest level since January 2021.
The (business) conditions have improved since Saudi Arabia has opened up the market to foreign investors and implemented a number of reforms. The efforts in economic diversification, introduction of new labour laws and reduction of bureaucracy are undoubtedly contributing factors. In addition, the country was able to ease the restrictions related to the pandemic due to the successful vaccination drive.
The expectations of businesses in Saudi Arabia have improved and reached the highest levels in three months amid hopes for a global recovery from the pandemic over the remainder of 2021. Further, it is reflected in the customer orders which rose at the quickest rate in four months and the export orders which accelerated at the fastest pace since 2015. The employment situation in the GCC’s largest economy gained momentum last month as some of the biggest players in the private sector expanded their capacity.
Please click on the link and reach out to learn more about most recent developments in the Kingdom of Saudi Arabia as well as the initiatives of Business Start Up Saudi Arabia.
Saudi Arabia’s technology sector is growing rapidly as start-ups, scale-ups and small businesses take advantage of the Kingdom’s ongoing economic reforms.
Saudi Arabia`s Public Investment Fund (PIF) has generated over 500,000 jobs in 13 strategic sectors.
One of the central roles of the PIF is to increase economic and business opportunities in the Kingdom...Read more
Saudi Arabia will launch the Saudi Green Initiative in November as the Kingdom continues its journey towards a sustainable future.
Sustainability is at the heart of the Saudi Vision 2030...Read more
Saudi Arabia is actively encouraging innovation in the health sector to promote healthier lifestyles with better mental health.
It is expected to result in superior healthcare with benefits including...Read more
Saudi Arabia welcomed 15 million tourists in the first three months of 2022 as the tourism sector witnessed a post pandemic revival.
Prior to the pandemic, Saudi Arabia transformed its tourist visa...Read more
Saudi Arabia's economy grew by 9.6% in the first quarter of 2022 according to flash estimates by the General Authority for Statistics (Gastat).
Early figures record...Read more
Saudi Arabia`s King Salman welcomed Turkish President Tayyip Erdogan recently at the al-Salam palace in the Red Sea city of Jeddah.
It is hoped the visit will lead to the normalisation of relations...Read more
Saudi Arabia`s most recent investment law is expected to increase international business in the country by 50 percent and significantly increase the country’s non-hydrocarbon gross domestic product.