November data signalled a strong upturn in the Saudi non-oil private sector. Steep output and new order expansions contributed to the latest positive result, according to the latest Saudi Arabia PMI survey.
Meanwhile, foreign demand improved at a modest pace and job creation continued. On the price front, cost burdens rose moderately, while output prices were unchanged since October amid strong competition in the sector.
Business confidence remained positive, albeit the level of sentiment fell slightly since the preceding survey.
The survey, sponsored by Emirates NBD and produced by IHS Markit, contains original data collected from a monthly survey of business conditions in the Saudi private sector.
Khatija Haque, head of MENA research at Emirates NBD, said: “The strong November PMI reading is encouraging ... and indicates that it was largely ‘business as usual’ last month. That output and new orders continued to increase sharply bodes well for non-oil sector growth in the fourth quarter. Higher oil prices likely contributed to the broadly positive business sentiment.”
The headline seasonally adjusted Emirates NBD Saudi Arabia Purchasing Managers’ Index (PMI) — a composite gauge designed to give a single-figure snapshot of operating conditions in the non-oil private sector economy — rose to 57.5 in November, from 55.6 in October.
This figure indicated the steepest improvement in the non-oil private sector since August 2015.
Output continued to increase, in line with the survey’s trend. The rate of growth was sharp overall and accelerated to a 10-month high in November. According to anecdotal evidence, the upturn in business activity was supported by strong domestic demand.
Growth of new business accelerated during November, with the respective index hitting a 27-month high. The improvement in new work inflows was reported by 37 percent of respondents.
New export order growth reached a three-month high during November. Non-oil private sector firms commonly linked the rise in new orders from abroad to an economic upturn in neighboring countries.
Job creation continued in November, thereby extending the current sequence of hiring to 44 months.
Saudi non-oil private sector growth hits 27-month high: Survey
Saudi non-oil private sector growth hits 27-month high: Survey
Alargan and GS REDC launch first Saudi–Korean residential project ‘Oasis Residence’
Alargan Projects Company, in partnership with Korea’s GS REDC, has officially announced the launch of Oasis Residence, marking the first Saudi–Korean residential development in the Kingdom. The announcement was made during the project’s opening sales ceremony in Riyadh, underscoring a milestone in Saudi Arabia’s evolving residential sector and the growing role of international collaboration in the local market.
The launch represents a new model of international collaboration in Saudi Arabia’s residential sector, reflecting the combined strengths of Alargan’s local market expertise and the GS REDC’s international residential development experience in delivering housing aligned with the evolving needs of Saudi families.
Oasis Residence is located on Al-Thumamah Road in north Riyadh and comprises 182 modern semi-furnished residential apartments designed in line with contemporary urban concepts, offering a range of unit sizes with prices starting from SR787,000 ($209,900).
The development features expansive green areas and fully integrated amenities, including a fitness center, residents’ lounge, children’s play area, café, private basement parking, and community facilities. Special emphasis has been placed on construction quality, with structural warranties of up to 10 years, reflecting a long-term commitment to durability, quality, and sustainability.
CEO of Alargan Projects Company Eyad Albunyan said the launch of Oasis Residence marks a key milestone in the company’s journey and that the partnership represents a meaningful addition to Alargan’s project portfolio. He said: “We are proud to launch the first-day sales of Oasis Residence, the first Saudi–Korean residential project in the Kingdom. The project reflects Alargan’s strategy to develop integrated communities that enhance quality of life. Our partnership with GS REDC has enabled us to incorporate international residential development expertise tailored to the Saudi market, setting a new benchmark for modern living.”
Phase 2 of Oasis Residence underway
Building on the success of the first phase, Alargan Projects Company and GS REDC have commenced construction of Oasis Residence Phase II, which will deliver an additional 248 residential units. The second phase follows the same development philosophy as the initial project while responding to growing demand for high-quality apartment living in northern Riyadh.
With both phases combined, Oasis Residence is expected to emerge as a prominent residential community contributing to the diversification and modernization of the city’s housing supply.
GS REDC’s expanding role in Saudi Arabia
GS REDC, the real estate development arm wholly owned by GS Engineering and Construction — a global construction group with more than 50 years of residential development experience in Korea — brings international planning and development expertise to the partnership. Working closely with Alargan, the company has applied this experience to deliver a project tailored to the Saudi market, while introducing a refined touch of Korean residential design and lifestyle to Riyadh.
Beyond Oasis Residence, GS REDC is also participating in a major National Housing Company–led residential development of approximately 2,500 apartment units, reflecting growing confidence in the company as a partner across both private and government-led housing initiatives.
General Manager of GS REDC Woongjo Choi said that Saudi Arabia represents one of the company’s key strategic international markets. He said: “Oasis Residence marks the beginning of a new phase for GS REDC’s presence in the Kingdom’s residential development sector. Through this partnership, we aim to transfer the concept of integrated communities and the ‘all-in-one’ model to the city, supporting the Kingdom’s long-term housing objectives. GS REDC stands as the first and remains the only Korean developer to enter the Saudi housing market. With the sales launch of this project, GS REDC has firmly established its position as a bona fide global developer in Saudi Arabia. Moving forward, we intend to actively pursue a rapid transition into high-rise hyper-end apartments, urban development projects, and government-led giga-projects.”
A Saudi-led model for international collaboration
The launch of Oasis Residence highlights a Saudi-led development model in which local developers take the lead while collaborating with experienced international partners to elevate planning, design, and execution standards. Through this approach, Alargan Projects Company continues to strengthen its leadership position in the Saudi residential development sector while contributing to the overall advancement of housing quality in the Kingdom.
