- PMI below 50 for first time since 2020
- ‘Driven by a pause in new orders’
- Medium to long-term outlook better
Business activity in Saudi Arabia weakened sharply in March, with companies hit by falling export orders and rising logistics costs, the latest data showed.
The figures are the softest since 2020, underlining how quickly the Middle East conflict is feeding into the kingdom’s non-oil economy.
While higher oil prices and continued Red Sea export routes offer some cushion, economists warn a prolonged war could deter foreign investment and slow Saudi Arabia’s…
