DUBAI: The UAE’s non-oil economy gained momentum in July, driven by a growth in output and new orders, according to a new study.
Emirates NBD’s UAE Purchasing Managers Index (PMI) survey, which monitors activity in the private sector, said that companies increased inventories and employment in response to new orders.
The index rose to a three-month high of 56.0 in July, which was a gain on the 55.8 registered in June. A ranking above 50 represents expansion in the economy, and below 50 indicates contraction. Emirates NBD said that there had been a sharp improvement in operating conditions in the non-oil sector.
It warned, however, that export orders fell at the quickest pace in the history of the survey, and that input costs rose sharply, but companies were unable to pass these on by raising prices due to ‘intense’ competition and concerns over conditions faced by consumers.
Khatija Haque, the head of MENA research at Emirates NBD, said: “The PMI survey in July showed that domestic demand remained robust, offsetting weakness in external demand last month. Firms were more optimistic about the coming year, and increased inventories at a record rate, partly in anticipation of further order growth.”
Emirates NBD also said that growth also picked up in Saudi Arabia as output and new orders picked up, which led to greater job creation.
Egypt faced a further weakening in its economy, although the rate of decline eased slightly.
The Egypt PMI Index stood at 48.6 in July – an increase from 47.2 in June – but the survey said that the economy appears to be stabilizing, with new orders remaining steady for the first time in 21 months.
Input costs rose sharply, though, due partly to cuts to fuel subsidies that have been imposed as part of a package of economic reforms it has embarked upon as part of its loan agreements with the International Monetary Fund.
UAE non-oil economy gains momentum in July
UAE non-oil economy gains momentum in July
Saudi Arabia sees 21% jump in mining sector licenses since 2016
- The growth in the Kingdom’s mining sector licenses aligns closely with Saudi Arabia’s Vision 2030 objectives, launched in 2016
RIYADH: Saudi Arabia’s mining sector has shown sustained growth, with the number of mining licenses increasing from 1,985 in 2016 to 2,401 by the end of 2024, representing cumulative growth of 21 percent, according to the 2024 mineral wealth statistics from the General Authority for Statistics.
The data highlights a steady upward trend in recent years. Licenses rose to 2,100 in 2021, marking a 6 percent increase from the previous year.
The upward trajectory continued with 2,272 licenses in 2022, 2,365 in 2023, and 2,401 in 2024, reflecting expanding exploration and investment activity across the Kingdom’s mining sector. Building material quarries accounted for the largest share of mining permits, climbing from 1,267 licenses in 2021 to 1,481 by 2024.
Exploration licenses also recorded consistent growth, supporting the Kingdom’s broader push to develop its mineral resources.
Other categories of mining activity saw significant expansion, including 2,554 exploration licenses, 744 exploitation licenses, 151 reconnaissance licenses, and 83 surplus mineral ore licenses issued during the same period.
The growth in the Kingdom’s mining sector licenses aligns closely with Saudi Arabia’s Vision 2030 objectives, launched in 2016, which aim to diversify national income sources and strengthen non-oil sectors.
