Saudi Business Confidence Hits New Peak

Business confidence in Saudi Arabia increased by 0.3% month-on-month in August, reaching 56.7 points. The performance of the industry and services sectors improved despite a decline in construction. Additionally, the Saudi economy grew by 2.8% in the first quarter of the year, despite challenges posed by the war. Saudi Arabia managed to diversify its oil export routes away from the Strait of Hormuz through the East-West pipeline, enabling it to reach export levels of 5 million barrels per day, even though production decreased by 23% compared to the previous year. While the International Monetary Fund lowered its growth forecast for Saudi Arabia’s economy in 2026 to 1.7% due to the war, the report expects a recovery to 5.5% growth in 2027, making it one of the fastest-growing economies during that period.

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