JEDDAH: The Saudi British Bank (SABB) HSBC Saudi Arabia Purchasing Managers' Index (PMI) for January climbed to a record peak of 63.8 from 61.3 in December, the bank said in a statement Saturday. Non-oil private sector activity rose at a series record pace in January, supported by an unprecedented rise in new business. Incoming new work grew rapidly due to beneficial economic conditions, good demand, promotional work and strong company reputations. Data showed that both domestic and export markets were significant contributors to January's expansion of total new orders, although the former remained the leading factor. Saudi Arabian non-oil private sector firms posted a 13 successive buildup of unfinished work at their units in January. Outstanding business accumulated at a solid and accelerated pace as new order levels rose. Firms expanded capacity in January, responding to greater current and expected business requirements. Employment, buying activity and stocks were all increased on the month. Staffing grew solidly, albeit at a marginally weaker rate than in December, while both purchases and input stocks rose at near series record rates, the report said. Average vendor performance continued to improve at the start of 2011.
