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Saudi Finance Minister Participates in Qatar Economic Forum 2024

Saudi Finance Minister Mohammed al-Jadaan. (AP)
Saudi Finance Minister Mohammed al-Jadaan. (AP)
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Saudi Finance Minister Participates in Qatar Economic Forum 2024

Saudi Finance Minister Mohammed al-Jadaan. (AP)
Saudi Finance Minister Mohammed al-Jadaan. (AP)

The Saudi Minister of Finance, Mohammed bin Abdullah Al-Jadaan, participates in the fourth edition of the Qatar Economic Forum 2024, held from 14 May through 16, in Doha, Qatar.
The forum aims to discuss economic challenges and opportunities in the Middle East and North Africa region, said the Saudi Press Agency on Tuesday.
During the first day of the forum, the Saudi minister will participate in a dialogue session titled "Reshaping Middle East Economies." During the session, he will join the Chairman of the Islamic Development Bank (IsDB) Group, Muhammad Al-Jasser, and the Qatari Minister of Finance, Ali Al-Kuwari.
The forum will bring together over 1,000 decision-makers from government and private sectors worldwide. They will discuss various topics including geopolitical challenges, globalization and trade, energy transition, technological innovation, business and investment prospects, as well as sports and entertainment.

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Saudi Arabia Sees Highest Level of Non-oil Private Sector Activity in 4 Months

The 1.5-point increase in the PMI reflects a larger expansion in both output and new orders. (Asharq Al-Awsat)
The 1.5-point increase in the PMI reflects a larger expansion in both output and new orders. (Asharq Al-Awsat)
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Saudi Arabia Sees Highest Level of Non-oil Private Sector Activity in 4 Months

The 1.5-point increase in the PMI reflects a larger expansion in both output and new orders. (Asharq Al-Awsat)
The 1.5-point increase in the PMI reflects a larger expansion in both output and new orders. (Asharq Al-Awsat)

Business activity in Saudi Arabia's non-oil sector accelerated to a four-month high in September, driven by strong demand, which led to faster growth in new orders. The Riyad Bank Saudi Arabia Purchasing Managers' Index (PMI), adjusted for seasonal factors, rose to 56.3 points from 54.8 in August, marking the highest reading since May and further distancing itself from the 50.0 level that indicates growth.

The 1.5-point increase in the PMI reflects a larger expansion in both output and new orders, alongside challenges in supply. The improvement in business conditions contributed to a significant rise in employment opportunities, although difficulties in finding skilled workers led to a shortage in production capacity.

At the same time, concerns over increasing competition caused a decline in future output expectations. According to the PMI statement, inventories of production inputs remained in good condition, which encouraged some companies to reduce their purchasing efforts.

Growth was strong overall and widespread across all non-oil sectors under study. Dr. Naif Al-Ghaith, Senior Economist at Riyad Bank, said that the rise in Saudi Arabia's PMI points to a notable acceleration in the growth of the non-oil private sector, primarily driven by increased production and new orders, reflecting the sector’s expansionary activity.

Al-Ghaith added that companies responded to the rise in domestic demand, which plays a crucial role in reducing the Kingdom's reliance on oil revenues. The upward trend also indicates improved business confidence, pointing to a healthy environment for increased investment, job creation, and overall economic stability.

He emphasized that this growth in the non-oil sector is particularly important given the current context of reduced oil production and falling global oil prices. With oil revenues under pressure, the strong performance of the non-oil private sector acts as a buffer, helping mitigate the potential impact on the country's economic conditions.

Al-Ghaith continued, noting that diversifying income sources is essential to maintaining growth amid the volatility of oil markets. He explained that increased production levels not only enhance the competitiveness of Saudi companies but also encourage developments aimed at expanding the private sector's participation in the economy.

This shift, he said, provides a more stable foundation for long-term growth, making the economy less susceptible to oil price fluctuations.