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Riyadh Hosts GCC-UK Trade Summit 2021 on Tuesday

A night view of Riyadh on Saudi National Day in 2020. (SPA file photo)
A night view of Riyadh on Saudi National Day in 2020. (SPA file photo)
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Riyadh Hosts GCC-UK Trade Summit 2021 on Tuesday

A night view of Riyadh on Saudi National Day in 2020. (SPA file photo)
A night view of Riyadh on Saudi National Day in 2020. (SPA file photo)

The biggest names from the region’s business world will meet with top experts and decision-makers at the GCC-UK Trade Summit 2021 that will be hosted by Riyadh on Tuesday. They will meet virtually in the Saudi capital to discuss ways to boost bilateral trade and investment and take economic relations between the two regions to the next level.

The GCC-UK Trade Summit 2021 is the most important forum for businesses and investors from the Gulf Cooperation Council and the UK to connect with each other, exchange ideas and experiences, discuss investment opportunities and forge strategic partnerships.

The event aims to promote bilateral trade and facilitate foreign direct investment between the two regions by providing a platform for businesses on both sides to expand into new markets and explore collaboration opportunities.

As the GCC experiences a period of rapid growth and economic diversification, it is witnessing a corresponding upswing in its trade and economic relations with the UK.

This is evidenced by the fact that the Gulf region accounts for as much as $50.8 billion out of the estimated $57.2 billion annual trade between the UK and the Middle East.

The GCC-UK Trade Summit aims to further strengthen bilateral trade and investment ties and is envisioned as a platform that will catalyze a new era of collaboration between the two regions by bringing together on one stage high-profile investors, exporters, consultants, experts, service providers, and key private and public sector decision-makers.

The summit will provide updates on the most important projects currently underway in the GCC, explore ways to build technical capacities and networks of collaboration for entrepreneurs, and discuss opportunities to stimulate bilateral trade and investment over the next decade.

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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.