Saudi Corporate Confidence at Highest Rate in Two Years

Saudi Arabia is increasing exploration of mining sites as part of the mineral wealth exploitation project across the Kingdom. (Asharq Al-Awsat)

The level of confidence among companies in the non-oil-producing private sector in Saudi Arabia rose to its highest rate in two years during January, according to the data of the Purchasing Managers’ Index (PMI), issued by Riyad Bank.

The Kingdom’s Purchasing Managers’ Index touched 58.2 in January 2023, the second-highest since September 2021. According to the data published on Sunday, the companies presented strong expectations for the next year, supported by strong flows of new orders, high production capacity, increased activity, declining cost pressures, and accelerating production growth and new business during the month.