FX.co ★ Saudi Non-Oil Private Sector Growth Remains Strong

Riyad Bank Saudi Arabia reported that the Purchasing Managers' Index (PMI) for November 2025 was 58.5, a slight decrease from the 11-year high of 60.2 recorded in October. This indicates continued robust improvement in the non-oil private sector. Activity reached its highest level since January, bolstered by solid sales and consistent project work. Although new business saw significant growth, it was slightly less vigorous than October’s surge, with only modest gains in exports. Hiring remained strong following a near-record increase last month, as companies enhanced their capacity to manage rising workloads and backlogs of work continued to grow. Cost pressures eased, with operating expenses climbing at the slowest rate in eight months due to reduced purchasing costs, though wages remained historically high. Output charges rose for the sixth consecutive month, albeit at a slower pace. Business optimism reached a five-month high, fueled by strong demand pipelines, ongoing investments, and confidence in the Kingdom's non-oil growth trajectory.