शनिबार, चैत ११, २०७९

Business condition improves in Egypt and Saudi, while UAE’s situation worsens

NepalKhoj Report 4 Nov, 2020

Agency: Business activities in Saudi Arabia grew at its fastest pace in almost six years due to  increase in new orders. Similarly, Saudi Arabia has recorded second month of milder improvements.

According to HIS Markit’s Purchasing Managers’ Index, non-oil private sector activity fell below the threshold of 50 that separates growth from contraction for the first time since August.

Three Arab economies including Saudi Arabia, the UAE and Egypt have concerns for further unemployment and renewed lockdown.

According to Aljazeera, the outlook among the UAE businesses for next 12 months was at a joint-record low. Cases in Gulf nations have been gaining momentum over the past months.

Maintaining rebound across the three economies will be a challenge because of restrictions to prevent Covid-19.

In Saudi Arabia, the employment number dropped at the fastest rate since June, according to the HIS Markit.

Though the number of cases have dropped in Egypt, the government has said that it may be forced to take “difficult decision” if people continue to ignore safety measures, write Aljazeera.