The middle east is showing progress in terms of economy. It is safe to say that there are a few countries in the Arab world that are working harder than ever. These includes Saudi Arabia and United Arab Emirates who are now showing results being the top two countries in the world in terms of inclining economy. Recent news have shown that Saudi Arabia in particular has had a huge boost in its business world with many different local startups moving up in the field and other updates in the business field.
The Purchasing Managers Index in Saudi Arabia has been rising lately, reaching its highest value in the past 3 years. Furthermore, the average threshold for growth is 50 where the country has shown values moving up to 57.3; exceeding the expectations. This value represents the growth of the country in terms of business and economy. The ecosystem is accepting these changes and all companies are working hard to aid the economy.
This was commented on by the head of Middle East and North Africa research at Emirates NBD, Khatija Haque by saying, “In the UAE, the improvement was “partly due to external demand, particularly from Saudi Arabia and Oman The rebound in activity this year has not yet translated into job growth, or higher wages. This is likely to weigh on expat population growth and household consumption. The rebound in the headline PMI this year suggests that the private sector is starting to benefit from higher oil prices and the resulting improvement in the government’s fiscal position.”