Saudi Arabia’s quiet pivot away from oil is gathering pace-and data shows it

Saudi Arabia, once known only for its unmatched oil production capacity, is now decisively diversifying and rewriting the narrative; at least recent economic data, indicators, and forecasts suggest the same, anchored in its ambitious Vision 2030 agenda. Take the latest data, which shows that Saudi Arabia’s non-oil private sector continued to expand. The Riyad Bank Purchasing Managers’ Index (PMI) eased to 56.3 in January from 57.4 in December, its lowest reading in six months but still well above the 50-mark that signals expansion. STORY CONTINUES BELOW THIS AD Business activity remained supported by new projects, steady domestic demand, and improving…