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Saudi Round-Up: Biban Reaffirms Kingdom’s Global Influence
This week's Saudi Arabia business roundup highlights major developments in technology and economic growth
From 28 October to 04 November 2024
The Kingdom announced a $100 billion AI initiative, reported strong industrial sector performance, and unveiled new support for startups and tourism. These developments, alongside considerable investments in energy and infrastructure projects, demonstrate continued progress toward Vision 2030 goals.
General Business and Economy
Saudi Non-Oil Private Sector Hits Six-Month High in October
Saudi Arabia's non-oil private sector recorded its strongest performance in six months, reaching a PMI rating of 56.9 in October, up from September's 56.3, according to S&P Global.
The expansion was driven by increased sales, business activity, employment, and purchasing activity. Riyad Bank’s Chief Economist attributed the growth to government initiatives and private sector engagement, highlighting the successful implementation of Vision 2030's economic diversification goals.
Biban 24 Forum Concludes with SR35.4 Billion in Agreements
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