Egypt, Saudi business activity grows as UAE dealt setback

  • Date: 03-Nov-2020
  • Source: Mubasher
  • Sector:Economy
  • Country:UAE
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Egypt, Saudi business activity grows as UAE dealt setback

Cairo – Mubasher: Egypt's business activity grew at its fastest pace in almost six years, buoyed by a rise in new orders, while Saudi Arabia saw a second month of milder improvements, Bloomberg said on Tuesday.

In the UAE, non-oil private sector activity fell below the threshold of 50 that separates growth from contraction for the first time since August, according to IHS Markit's Purchasing Managers' Index (PMI).

Concerns over further unemployment and renewed lockdowns continued to dog the three major Arab economies.

In October, Egypt's PMI rose modestly to 51.4, the strongest reading since December 2014 and the second consecutive month of growth after reaching 50.4 in September. New order growth was the highest in