Growth in Saudi Arabia’s non-oil private sector accelerated in May because of a sharp increase in new orders, a survey of businesses showed on Sunday.
The seasonally adjusted Emirates NBD Saudi Arabia Purchasing Managers’ Index rose to 54.8 last month from 54.2 in April. The 50-point mark separates expansion from contraction.
“The rise in the Saudi PMI to the highest reading in six months is encouraging, as it shows the resilience of the non-oil economy even in the face of tighter fiscal policy,” said Khatija Haque, head of regional research at Emirates NBD. “Domestic demand remains robust, even as export demand has softened.”
Output growth slipped down to 60.6 from 60.9, but growth in new orders rose to 58.1 from 56.2. Employment growth also rose.
Output price deflation intensified in May, with prices falling for a seventh straight month. Input price inflation slowed.
Some other economic data in the last few months has suggested a deeper slowdown in the Saudi economy than the PMI figures. M3 money supply shrank 1.5 per cent from a year earlier in April.
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Story behind the UAE flag
The UAE flag was first unveiled on December 2, 1971, the day the UAE was formed.
It was designed by Abdullah Mohammed Al Maainah, 19, an Emirati from Abu Dhabi.
Mr Al Maainah said in an interview with The National in 2011 he chose the colours for local reasons.
The black represents the oil riches that transformed the UAE, green stands for fertility and the red and white colours were drawn from those found in existing emirate flags.
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Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants
MATCH INFO
Asian Champions League, last 16, first leg:
Al Jazira 3 Persepolis 2
Second leg:
Monday, Azizi Stadium, Tehran. Kick off 7pm
Fitness problems in men's tennis
Andy Murray - hip
Novak Djokovic - elbow
Roger Federer - back
Stan Wawrinka - knee
Kei Nishikori - wrist
Marin Cilic - adductor
$1,000 award for 1,000 days on madrasa portal
Daily cash awards of $1,000 dollars will sweeten the Madrasa e-learning project by tempting more pupils to an education portal to deepen their understanding of math and sciences.
School children are required to watch an educational video each day and answer a question related to it. They then enter into a raffle draw for the $1,000 prize.
“We are targeting everyone who wants to learn. This will be $1,000 for 1,000 days so there will be a winner every day for 1,000 days,” said Sara Al Nuaimi, project manager of the Madrasa e-learning platform that was launched on Tuesday by the Vice President and Ruler of Dubai, to reach Arab pupils from kindergarten to grade 12 with educational videos.
“The objective of the Madrasa is to become the number one reference for all Arab students in the world. The 5,000 videos we have online is just the beginning, we have big ambitions. Today in the Arab world there are 50 million students. We want to reach everyone who is willing to learn.”
BACK TO ALEXANDRIA
Director: Tamer Ruggli
Starring: Nadine Labaki, Fanny Ardant
Rating: 3.5/5
Company profile
Company name: Fasset
Started: 2019
Founders: Mohammad Raafi Hossain, Daniel Ahmed
Based: Dubai
Sector: FinTech
Initial investment: $2.45 million
Current number of staff: 86
Investment stage: Pre-series B
Investors: Investcorp, Liberty City Ventures, Fatima Gobi Ventures, Primal Capital, Wealthwell Ventures, FHS Capital, VN2 Capital, local family offices