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Saudi Arabia Registers Highest PMI Performance among G20 in December

Riyadh’s Financial Center (SPA)
Riyadh’s Financial Center (SPA)
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Saudi Arabia Registers Highest PMI Performance among G20 in December

Riyadh’s Financial Center (SPA)
Riyadh’s Financial Center (SPA)

A recent report revealed that Saudi Arabia ranked first among the G20 countries as it had the highest performance in the Purchasing Managers’ Index (PMI) in December.
This was supported by the positive performance of the non-oil private sector and strong domestic demand, while the performance of most of the G20 countries declined during the same period as a result of weak global demand, high financing costs and excess inventory in some sectors, as well as the impact of monetary tightening policy.
According to a report issued by the Saudi Ministry of Economy and Planning for the fourth quarter of 2023, on Sunday, the positive economic performance in this period was reflected in the purchasing managers’ indices and the labor market.
The report confirmed that the proactive measures taken by the government limited the rise in prices last year, as the average consumer price index in the Kingdom recorded an increase of 2.3 percent from 2022.
The labor market witnessed a noticeable improvement, with a decline in unemployment rates among Saudis in the last quarter of 2023 to 7.7 percent, from 8 percent in the previous year.
The ministry pointed to the impact of the growth of the total labor market size and the demand for labor, successful nationalization policies, the empowerment of women, and the state’s continued implementation of major projects.
The report also showed a surge in corporate activity during the month of December, with the continued growth witnessed in purchases in recent months, especially in industrial products.
With the implementation of financial policies aimed at achieving Vision 2030, the state’s public revenues increased by 12 percent on an annual basis, reaching SAR 358 billion ($95.4 billion) in the fourth quarter of 2023, while the state’s public expenditures rose by 8.6 percent in the same period, reaching SAR 395 billion. Thus, the general budget recorded a financial deficit of SAR 37 billion.
The report stated that chemical industry products ranked first in non-oil exports during the fourth quarter of 2023, with a value of SAR 22.2 billion ($5.9 billion), representing 31.2 percent of total non-oil exports, despite their decline of 18.3 percent on an annual basis.
It added that according to the state’s general budget statement for 2023, total revenues reached SAR 1.212 trillion, and expenses SAR 1.293 trillion, with a deficit of SAR 80.9 billion.
According to the report, the deficit in the non-oil trade balance widened by 24.8 percent to reach SAR 93.2 billion, due to a decrease in non-oil exports by 1.2 percent to SAR 71.1 billion.

 

 

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Business

Australia to Force Gas Giants to Reserve Fuel for Domestic Use

An LNG tanker berthed at the Karratha gas plant loading terminal in Western Australia. Handout / WOODSIDE ENERGY LTD/AFP
An LNG tanker berthed at the Karratha gas plant loading terminal in Western Australia. Handout / WOODSIDE ENERGY LTD/AFP
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Australia to Force Gas Giants to Reserve Fuel for Domestic Use

An LNG tanker berthed at the Karratha gas plant loading terminal in Western Australia. Handout / WOODSIDE ENERGY LTD/AFP
An LNG tanker berthed at the Karratha gas plant loading terminal in Western Australia. Handout / WOODSIDE ENERGY LTD/AFP

Australia will look to stave off energy shortages by forcing major gas companies to reserve 20 percent of their exports for domestic use, Energy Minister Chris Bowen said Thursday.

The country is one of the world's largest exporters of liquefied natural gas (LNG), a key fuel source in hot demand as war in the Middle East upends global energy markets.

In a bid to shield the nation from "global price volatility", Australia's largest gas firms will be forced to ring fence fuel for the domestic market -- equivalent to 20 percent of their exports.

"We've been acting to shield Australians from global energy shocks by investing in reliable, sovereign renewables and keeping more of the gas we need onshore," Bowen told reporters.

Australia is a major supplier of LNG throughout Asia, where prices have soared since the United States and Israel launched strikes on Iran at the end of February.

Around 40 percent of Japan's LNG comes from Australia, according to the Asia Natural Gas and Energy Association.

Australia is Singapore's largest source of LNG, supplying more than 30 percent of its needs, according to government figures.

Bowen sought to soothe any concerns that the decision could hurt trading partners.

- 'Reliable' partner -

"We will not disturb any existing contracts.

"We have consulted closely with trading partners to ensure that it's well understood around the world that Australia will always be a reliable supplier of energy."

The government would pass laws to have the reservation scheme in place from July 2027, Bowen said.

Geographically isolated and with only two oil refineries, Australia is heavily exposed to disruptions to global fuel supplies.

With Iran halting a fifth of world fuel shipments through its effective closure of the crucial Strait of Hormuz, Australia has moved to shore-up its fuel security.

Prime Minister Anthony Albanese announced Wednesday that Australia would establish a national fuel stockpile of one billion liters.

Australia's major gas companies -- including Shell, Chevron and Woodside -- reap huge profits selling LNG overseas.

Critics have been piling pressure on the government to drastically increase taxes on these exports -- an idea that Canberra shot down last week.

World oil prices dived on Wednesday after US President Donald Trump raised hopes of an end to the Iran war.

Business

French Utility Engie Not Changing Middle East Strategy Despite Disruptions

(FILES) This photograph shows the "Tour First" also known as "Tour CB31", headquarters to French multinational energy group Engie, in the La Defense business district in Courbevoie, western suburb of Paris, on March 25, 2025. (Photo by JOEL SAGET / AFP)
(FILES) This photograph shows the "Tour First" also known as "Tour CB31", headquarters to French multinational energy group Engie, in the La Defense business district in Courbevoie, western suburb of Paris, on March 25, 2025. (Photo by JOEL SAGET / AFP)
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French Utility Engie Not Changing Middle East Strategy Despite Disruptions

(FILES) This photograph shows the "Tour First" also known as "Tour CB31", headquarters to French multinational energy group Engie, in the La Defense business district in Courbevoie, western suburb of Paris, on March 25, 2025. (Photo by JOEL SAGET / AFP)
(FILES) This photograph shows the "Tour First" also known as "Tour CB31", headquarters to French multinational energy group Engie, in the La Defense business district in Courbevoie, western suburb of Paris, on March 25, 2025. (Photo by JOEL SAGET / AFP)

French utility Engie is still looking to grow and develop its profile of energy assets in the Middle East despite the disruptions ⁠from the Iran War, Engie's ⁠finance chief Pierre-Francois Riolacci told reporters on Thursday.

"We don't see ⁠any questioning of our development plan in the Middle East at all. It's not necessarily the largest region, but it still is part ⁠of ⁠our plans, and we do not see the crisis prompting us to revise our strategy," Riolacci said.

Engie met expectations as it reported a drop in first-quarter earnings on Thursday after warmer weather lowered domestic gas sales and deliveries.

The company, which produces, transports and sells gas and electricity, said earnings before interest ⁠and tax (EBIT) excluding nuclear, ⁠were 3.4 billion euros ($4 billion), down 8.4% from a year earlier.

That matched the consensus forecast of 3.4 billion euros from analyst estimates compiled ⁠by LSEG.

Engie also confirmed a media report this week that said onshore wind project development had slowed in the United States, but it added that solar and battery sector development continues.

"Some permits are being revoked for onshore wind power. It's clear ⁠that ⁠obtaining the necessary authorizations is indeed difficult," Riolacci told reporters.

"Even when permitting isn't required on federal lands, we still face challenges getting approval from agencies."

Business

Maersk First-quarter Profit Beats Forecasts, Keeps Outlook Unchanged

A cargo ship carrying containers from the Danish company Maersk sails into the Pacific entrance of the Panama Canal in Panama City on April 21, 2026. (Photo by MARTIN BERNETTI / AFP)
A cargo ship carrying containers from the Danish company Maersk sails into the Pacific entrance of the Panama Canal in Panama City on April 21, 2026. (Photo by MARTIN BERNETTI / AFP)
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Maersk First-quarter Profit Beats Forecasts, Keeps Outlook Unchanged

A cargo ship carrying containers from the Danish company Maersk sails into the Pacific entrance of the Panama Canal in Panama City on April 21, 2026. (Photo by MARTIN BERNETTI / AFP)
A cargo ship carrying containers from the Danish company Maersk sails into the Pacific entrance of the Panama Canal in Panama City on April 21, 2026. (Photo by MARTIN BERNETTI / AFP)

Shipping group Maersk posted first-quarter operating profits slightly above analyst forecasts on Thursday and kept its full-year earnings guidance unchanged.

Underlying earnings before interest, tax, depreciation, and amortization (EBITDA) for the January-March period came in at $1.73 billion, compared to a median forecast of $1.66 billion in a company-provided poll of 10 analysts.

Maersk, which is often seen as a bellwether for global trade, still projects global container volume growth of between 2% ⁠and 4% this ⁠year.

"We've seen strong demand across most regions this quarter, supporting robust volume growth in our three business segments," Reuters quoted Chief Executive Vincent Clerc as saying in a statement.

The first quarter does not capture the Middle East war's full impact on global supply ⁠chains as the conflict began on February 28 when the United States and Israel launched coordinated strikes on Iran.

The war has disrupted shipping routes across the region after Iran closed the Strait of Hormuz to commercial traffic, pushing up costs such as fuel.

The security situation remained fragile, with French shipping group CMA CGM saying on Wednesday that one of its container ships was hit while transiting the Strait of Hormuz, injuring ⁠crew ⁠and damaging the vessel.

The Middle East security situation also impacts shipping in the Red Sea, forcing Maersk to continue to reroute vessels around Africa, away from the Suez Canal and the Bab el-Mandeb Strait.

This marked an abrupt stop to Maersk's tentative efforts for a gradual return of some services to the Suez route, seen as a key step towards ending years of global trade disruption caused by attacks on ships in the Red Sea by Yemen's Houthis.