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Saudi Arabia Maintains Its Private Sector Growth

Bouncing back from the plight of the pandemic, non-oil private sector in Saudi Arabia has seen an expansion for 3 consecutive months in November. The country’s Purchasing Managers' Index (PMI) saw a growth from 51.0 in October to 54.7 in November. David Owen, Economist at IHS Markit, said the 3-month growth suggests Saudi Arabia’s recovery in the penultimate month of the year. He stated with an increased employment and a rise in demand as good news of vaccine develops, companies increased their investment, expecting an advancement in economy in the year to come. The stricken country, which faced a sharp drop in oil prices in 2020, will focus on developing its private sector to progress the economy. Samira H.
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By Samira Hassanzadeh on October 19, 2021

Egypt Supports Its Private Sector

Doubled private sector funding in Egypt, after economic disruption caused by the coronavirus pandemic, is an attempt to manage the country’s foreign debt. The debt, $111 billion, is up from the figure in 2015, $48 billion. Egypt’s central bank has planned to support its economy, according to Mohamed Abu Basha, head of macro research at EFG Hermes. The bank intends to expand accessible financing and facilitate cheap funding in major economic sectors. Earlier in December, the bank granted money with 8 percent interest rate to the industrial sector. Agriculture and real estate were the next which were supported. Overall, the bank has helped over 4,500 companies affected badly by the pandemic. The World Bank, too, has called for the government to address the private sector. Samira H.
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By Samira Hassanzadeh on October 19, 2021

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