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Saudi Arabia’s Non-Oil Business Activity Shrinks in March Amid Conflict, PMI Shows

Saudi Arabia’s non‑oil private‑sector activity contracted in March, with the Riyad Bank PMI slipping to 48.8 from 56.1 in February. The decline marks the first contraction since August 2020 and reflects heightened geopolitical risk from the regional conflict. New‑orders and export sub‑indexes plunged, signaling a sharp pullback in demand and cross‑border trade. Despite the downturn, firms still expect positive growth over the next year, buoyed by government spending and infrastructure projects.