Saudi non-oil private sector business activity improves to highest in 8 months

Saudi non-oil private sector business activity improves to highest in 8 months

Business conditions improved in Saudi Arabia and Egypt for a second month but deteriorated in the UAE amid further job losses and concerns over renewed lockdowns.

Non-oil private sector activity in Egypt rose at the strongest pace in nearly six years last month, according to IHS Markit's Purchasing Managers' Index. In Saudi Arabia, operating conditions were slightly better, while the UAE's PMI fell below the threshold of 50 that separates growth from contraction for the first time since August.

* Egypt's PMI rose modestly to 51.4, the strongest reading since Dec. 2014 and up from 50.4 in September. New order growth was the highest in over six years, but employment fell

* In Saudi Arabia, the PMI increased to the highest in eight months, reaching 51 in October from 50.7 in September.