Saudi Arabia’s SWCC and Brazil’s WEG to share expertise on electrical engineering, energy and automation

Saudi Arabia’s SWCC and Brazil’s WEG to share expertise on electrical engineering, energy and automation

RIYADH: The economic diversification efforts in Saudi Arabia aimed at strengthening the non-oil private sector continued its momentum in July as the Kingdom’s Purchasing Managers’ Index hit 57.7, a business tracker revealed. 

The latest Riyad Bank Saudi Arabia PMI report, compiled by S&P Global, noted that the activities in the manufacturing and construction sectors drove the growth of the non-oil sector in the Kingdom last month. 

Strengthening the non-oil sector has been a crucial agenda of Saudi Arabia’s Vision 2030, given the Kingdom’s ambitious drive to veer away from oil dependence. 

The report, however, noted that the July index was lower than the previous month when the Kingdom secured a PMI of 59.6. 

According to the index, any PMI readings above the 50-mark show non-oil private sector growth, while those below 50 signal contraction.   

The PMI report added that new order growth did lose momentum in July, as interest rate rises globally had an impact in Saudi Arabia. 

“The effects from tighter monetary conditions have started to be mildly felt across the Kingdom’s private sector in July after a strong first-half performance,” said Naif Al-Ghaith, chief economist at Riyad Bank. 

He added: “To some extent, the slowdown in business activity was expected and owed to business