Saudi Arabia, Egypt and Kuwait non-oil sectors flourish

• Strong PMI scores for November
• Saudi export orders grow
• Egypt score suggest GDP growth

Non-oil business activity accelerated across Saudi Arabia, Kuwait and Egypt in November this year, supported by new orders and growing output.

Saudi Arabia’s non-oil private sector recorded its fastest expansion in 10 months, driven by stronger sales, rapid job creation and increased purchasing activity, Riyad Bank said in a report.

The headline Purchasing Managers Index (PMI) score eased to 58.5 in November after rising to its second-highest level in more than 11 years in October to 60.2.

A PMI score above 50 represents growth, while a reading below 50 indicates contraction.

“The non-oil private sector remained firmly in expansion territory in November, although momentum eased slightly after October’s sharp uptick,” said Naif Al-Ghaith, chief economist at Riyad Bank.

Activity continued to rise, driven by steady demand and ongoing projects, he said.

New orders grew for the fifth consecutive year, though at a slightly slower pace than in October. Export orders increased for the fourth straight month but were impacted by softer global conditions and rising competition.

Employment growth eased from October’s rise but remained solid across most sub-sectors.

“Confidence is being supported by anticipated improvements in demand, active pipelines of new projects and ongoing investment activity,” Al-Ghaith said.

Egypt registers big improvement

The Egyptian non-oil private sector registered its best improvement in business conditions in over five years in November, indicating a strong end to 2025, S&P Global said.

The headline Egypt PMI increased to 51.1 in November, from 49.2 in October.

The latest PMI reading signals that year-on-year GDP growth could rise above 5 percent in the fourth quarter, said David Owen, senior economist at S&P Global Market Intelligence.

New business returned to growth last month, ending a previous eight-month period of decline. Despite the upturn, non-oil companies were reluctant to add to their workforces.

Kuwait gathers momentum

Kuwait’s non-oil private sector registered a further pick-up in growth momentum in November, recording the strongest increase in new orders since June, S&P Global said.

“Non-oil firms in Kuwait are enjoying a positive final quarter of the year, with November seeing stronger growth across a range of variables including output, new orders, employment and purchasing,” said Andrew Harker, economics director at S&P Global Market Intelligence.

The headline PMI posted 53.4 in November, up from 52.8 in October.

Further reading:

• Saudi Arabia and Kuwait log strong non-oil growth
• GCC non-oil private sectors expand as new orders rise
• Private-sector hiring rises in Saudi Arabia and Kuwait

Total new businesses were supported by a rise in new export orders. However, input cost inflation rose at the steepest pace since June, as both purchase prices and staff costs increased faster than in October.

Companies remained optimistic that output will increase over the coming year, with sentiment improving for the third consecutive month to the highest in a year-and-a-half, the report said.