Saudi Non-Oil Growth Surges to Six-Month High

Saudi Arabia's non-oil private sector growth accelerated in August to its fastest pace in six months, according to the Riyad Bank Purchasing Managers' Index (PMI), which rose to 53.8.

The PMI reading marked a fifth consecutive month of expansion and the strongest improvement in business conditions since February, although it remained below the survey's long-run average of 56.8.

Output expanded at its strongest pace in seven months, while new orders rose for a fifth consecutive month. However, new export orders declined at a faster rate amid regional tensions, according to the survey.

The improvement in business conditions was driven by stronger demand and an increase in market activity, with companies reporting rising order books despite some firms citing intense competition and excess supply as constraints on sales growth.