Saudi Arabia's non-oil private sector registered strong growth in March led by the fastest rise in orders since April 2015 and an increase in business output, said Emirates NBD's latest economy tracker for the kingdom.
The Dubai lender’s seasonally adjusted Saudi Arabia Purchasing Managers’ Index – a composite gauge to give a snapshot of operating conditions in the non-oil private sector economy – climbed to 56.8 in March, from 56.6 in February. A reading above 50 shows expansion, below 50 indicates contraction.
The PMI figure was the highest since December 2017 and one of the strongest growth performances over the past three and a half years.
“The average PMI reading for the first quarter of 2019 was 56.5, indicating the strongest quarterly expansion in the non-oil private sector since the fourth quarter 2017,” said Khatija Haque, head of Mena research at Emirates NBD.
The improvement in March was led by the fifth consecutive monthly rise in new business, the highest since April 2015, the PMI showed. Companies surveyed said the upturn reflected stronger market conditions together with more pronounced sales efforts, including better product offerings and competitive pricing to attract customers.
The new orders sub-index rose to an almost four-year high and the new output sub-index rose to a seven-month high, according to the tracker. Meanwhile, new export orders rose for the first time in three months, albeit marginally, as domestic demand continued to drive growth.
Growth in output also increased, to a seven-month high, although still below the series average, while higher business activity overall prompted companies to boost stocks. Overall business confidence remained strongly positive, easing only slightly from January’s peak, ENBD said.
Despite a recovery in demand, non-oil private sector hiring levels fell in March after five years of consecutive growth and output prices fell for the fifth month running as companies sought to retain competitiveness.
“The rebound in new orders and business output in recent months has not resulted in job growth, with private sector employment declining for only the third time in the series history last month,” Ms Haque said.
“There also appears to be very little pricing power for firms, with selling prices declining [although only marginally] for the fifth month in a row.”
That said, most companies left their selling prices unchanged, she added. The also data showed a modest rise in companies’ overall operating expenses, reflecting slight increases in purchase prices and staff pay.
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'The worst thing you can eat'
Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.
Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines:
Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.
Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.
Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.
Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.
Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.
UAE currency: the story behind the money in your pockets
MATCH INFO
Manchester United v Brighton, Sunday, 6pm UAE
KEY DEVELOPMENTS IN MARITIME DISPUTE
2000: Israel withdraws from Lebanon after nearly 30 years without an officially demarcated border. The UN establishes the Blue Line to act as the frontier.
2007: Lebanon and Cyprus define their respective exclusive economic zones to facilitate oil and gas exploration. Israel uses this to define its EEZ with Cyprus
2011: Lebanon disputes Israeli-proposed line and submits documents to UN showing different EEZ. Cyprus offers to mediate without much progress.
2018: Lebanon signs first offshore oil and gas licencing deal with consortium of France’s Total, Italy’s Eni and Russia’s Novatek.
2018-2019: US seeks to mediate between Israel and Lebanon to prevent clashes over oil and gas resources.
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
T10 Cricket League
Sharjah Cricket Stadium
December 14- 17
6pm, Opening ceremony, followed by:
Bengal Tigers v Kerala Kings
Maratha Arabians v Pakhtoons
Tickets available online at q-tickets.com/t10
The biog
Favourite film: The Notebook
Favourite book: What I know for sure by Oprah Winfrey
Favourite quote: “Social equality is the only basis of human happiness” Nelson Madela. Hometown: Emmen, The Netherlands
Favourite activities: Walking on the beach, eating at restaurants and spending time with friends
Job: Founder and Managing Director of Mawaheb from Beautiful Peopl
