Saudi Arabia’s PMI hits 57.2 fueled by strong non-oil sector growth: S&P

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Updated 02 November 2022
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Saudi Arabia’s PMI hits 57.2 fueled by strong non-oil sector growth: S&P

RIYADH: Saudi Arabia’s Purchasing Managers’ Index hit at 57.2 in October, the strongest since January 2021,  as the Kingdom's non-oil economy continues to expand driven by strong demand and rising new work inflows, according to a report.

The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers’ Index — formerly the S&P Global Saudi Arabia PMI — has marked the Kingdom as maintaining growth for the 26th successive month. 

In September, Saudi Arabia’s PMI was 56.6. 

According to S&P Global, readings above 50 mark growth, while those below 50 signal contraction.

“Saudi Arabian non-oil businesses signalled a strong degree of confidence in future economic conditions in October. The outlook for the next 12 months rose to its highest level since the beginning of 2021, as firms suggested that the current robust level of growth is likely to continue,” said Naif Al-Ghaith, chief economist at Riyad Bank. 

He added: “At the same time, business activity and new orders rose sharply again, with firms seeing client demand strengthen at a robust rate.” 

Improved market conditions and ongoing projects paved the way for flourishing output and new orders in terms of activity and sales in October 2022, according to the report.  

Suppliers' delivery times proceeded to shorten at the start of the fourth quarter, aiding companies in raising their inventories and purchasing activity, while employment saw a modest increase.  

Additionally, Saudi Arabia’s increasing demand from foreign markets promoted sales growth last month, while its new export order increase marked the sharpest rise in almost one year. 

The report added that output rises took place in the manufacturing, construction, wholesale and retail and services sectors, with the sturdiest upturn recorded among goods producers. 

Firms reported the slowest increase in the costs of inputs in eight months, where only 4 percent of partakers recorded higher expenses compared to the previous month. 

“Output charges subsequently rose only modestly, with upticks led by wholesale & retail and services firms,” concluded the report.  


Saudi Arabia’s cultural sector is a new economic engine between Riyadh and Paris, says ambassador

Updated 25 January 2026
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Saudi Arabia’s cultural sector is a new economic engine between Riyadh and Paris, says ambassador

RIYADH: Culture has become a fundamental pillar in bilateral relations between France and Saudi Arabia, according to the French Ambassador to the Kingdom, Patrick Maisonnave.

Maisonnave noted its connection to the entertainment and tourism sectors, which makes it a new engine for economic cooperation between Riyadh and Paris.

He told Al-Eqtisadiah during the opening ceremony of La Fabrique in the Jax district of Diriyah that cultural cooperation with Saudi Arabia is an important element for its attractiveness in the coming decades.

La Fabrique is a space dedicated to artistic creativity and cultural exchange, launched as part of a partnership between the Riyadh Art program and the French Institute in Riyadh. 

Running from Jan. 22 until Feb 14, the initiative will provide an open workspace that allows artists to develop and work on their ideas within a collaborative framework.

Launching La Fabrique as a space dedicated to artistic creativity

The ambassador highlighted that the transformation journey in the Kingdom under Vision 2030 has contributed to the emergence of a new generation of young artists and creators, alongside a growing desire in Saudi society to connect with culture and to embrace what is happening globally. 

He affirmed that the relationship between the two countries is “profound, even cultural par excellence,” with interest from the Saudi side in French culture, matched by increasing interest from the French public and cultural institutions unfolding in the Kingdom.

Latest estimates indicate that the culture-based economy represents about 2.3 percent of France’s gross domestic product, equivalent to more than 90 billion euros ($106.4 billion) in annual revenues, according to government data. The sector directly employs more than 600,000 people, making it one of the largest job-creating sectors in the fields of creativity, publishing, cinema, and visual arts.

Saudi Arabia benefiting from French experience in the cultural field

Maisonnave explained that France possesses established cultural institutions, while Saudi Arabia is building a strong cultural sector, which opens the door for cooperation opportunities.

This comes as an extension of the signing of 10 major cultural agreements a year ago between French and Saudi institutions, aiming to enhance cooperation and transfer French expertise and knowledge to contribute to the development of the cultural system in the Kingdom.

He added that experiences like La Fabrique provide an opportunity to meet the new generation of Saudi creators, who have expressed interest in connecting with French institutions and artists in Paris and France.

La Fabrique encompasses a space for multiple contemporary artistic practices, including performance arts, digital and interactive arts, photography, music, and cinema, while providing the public with an opportunity to witness the stages of producing artistic works and interact with the creative process.