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Saudi firms raise hiring and pay despite PMI dip

Saudi Arabia’s non-oil private sector lost a touch of speed in February, yet companies continued to hire aggressively and raise wages at the fastest pace since records began, signalling confidence that domestic demand remains intact.

The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers’ Index slipped to 56.1 in February from 56.3 in January, marking the softest improvement in operating conditions for nine months. The index remains comfortably above the 50 neutral mark, indicating expansion across the non-oil economy even as momentum has cooled from last year’s peak.

Growth cools, but demand holds

Output growth eased to a six-month low, though businesses continued to report solid gains in activity. Survey respondents frequently cited stronger customer demand and new project approvals, alongside improved domestic sales and stepped-up marketing efforts. Competitive pressures in some markets tempered the pace of expansion, yet order books continued to rise.

New orders remained a central driver of activity, supported by government initiatives, digital development efforts and collaborative client projects. International sales also expanded for a seventh consecutive month, though at a slightly slower rate than earlier in the cycle.

Naif Al-Ghaith, Chief Economist at Riyad Bank, said, “Saudi Arabia’s non-oil private sector sustained its expansionary trajectory with a PMI reading of 56.1 in February, though the pace of output growth eased to its lowest level since last August. This performance was driven by robust domestic demand and a steady flow of new project approvals. Despite the moderation in momentum, the sector remains firmly in growth territory, supported by seven months of rising international sales and an improving volume of new orders.”

Businesses appear to be recalibrating after a period of rapid expansion, with the PMI on a gradual downward path since reaching one of its highest levels in over a decade last October. Conditions remain strong overall, but the data suggest a shift toward steadier, more measured growth.

Hiring surge drives record wage inflation

Employment rose sharply in February, with the job creation rate climbing to a four-month high and ranking among the strongest recorded in the survey’s history. Firms cited increased sales volumes and a build-up of outstanding orders as reasons to expand payrolls.

That hiring push has come at a cost. Staff expenses surged at the fastest pace since the survey began in August 2009, reflecting higher salaries offered to attract and retain workers, particularly in technical and sales roles. The sharp rise in wage bills marks a key feature of February’s data and signals growing competition for skilled labour.

Al-Ghaith said, “A key highlight of the February results was the sizeable increase in employment, as firms expanded their workforce to manage higher workloads and new business inflows. This acceleration in hiring signals confidence in near-term demand, even as overall output growth moderated. At the same time, supply chain performance improved further, with delivery times shortening amid better coordination and operational efficiencies.”

Prices climb amid cost pressures

Rising wage costs fed through to selling prices, which increased at the joint-fastest pace since May 2023, matching October’s recent high. Companies also reported higher supplier charges and increased metals prices. A reduction in fuel payments helped moderate overall purchase-price inflation, while some firms benefited from renegotiated vendor contracts.

Supply chains showed signs of improvement despite stronger input buying. Delivery times shortened to the greatest extent in nine months, reflecting operational gains and changes in vendor relationships. Companies continued to raise purchasing volumes in line with expanding workloads, while maintaining a balanced approach to inventory management.

Confidence steady into year ahead

Expectations for the next 12 months remained positive, with firms linking anticipated output growth to new client projects, firmer demand and supportive domestic economic conditions. The overall picture suggests an economy adjusting to a more sustainable pace after an extended period of rapid expansion.

Al-Ghaith said, “Overall, February’s results point to an economy that remains strong but is moving onto a more sustainable balance. Growth has moderated, yet demand and hiring activity continue to anchor the expansion. The broader trend remains positive, with businesses actively adjusting their capacity while maintaining a high degree of confidence in underlying market conditions. This balanced approach to inventory and staffing suggests the private sector is well positioned to navigate evolving economic dynamics throughout the remainder of the year.”

Consumers and businesses alike face a mixed environment. Growth remains solid, and hiring is robust, yet rising wages and selling prices could translate into firmer costs across parts of the economy. Saudi Arabia’s non-oil sector remains firmly in expansion mode, though the latest data indicate that the breakneck pace of last year is giving way to steadier, more sustainable momentum.

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Naomi Watts urges women to own menopause

Oscar-nominated actress Naomi Watts has continued to have fame on the screen into her 50s, but she is building more of her life story around navigating deeply personal and often unspoken health and aging issues.She has become increasingly open about topics many public figures, and Hollywood actresses in particular, avoid, using her platform to normalize conversations regarding fertility, aging, and physical changes, with the goal of helping women feel confident in their body no matter their age.

“I am trying to put forward the messaging that we can be okay with how we look,” Watts told CNBC’s Julia Boorstin at the CNBC Changemakers Summit in New York City on Thursday. “It’s okay to be 57 and look 57.”

Watts launched Stripes Beauty in 2022, a company focused on helping women navigate the challenges associated with perimenopause and menopause, while aiming to address everything from skin to hair changes to overall wellness.

Menopause was considered very taboo to talk about in many cultures mainly because of the age-fertility link and generational gatekeeping. In many societies a woman’s “value” was tied to her youth and ability to bear children. Talking about menopause meant admitting those stages were over. Many women in different generations were taught to silence it and view it as a private burden and not share it.

At the Changemakers Summit, Watts said searched for reasons to help explain why no one talked about it, and even used an anonymous Instagram to search for clues. “Why isn’t there any information? Why is it so hard? Why is it so taboo when we are half the population?” she said. “It is just biology.”

Founder and chief creative officer at Stripes Beauty, Watts was featured on the 2025 CNBC Changemakers list.

Menopause typically occurs around ages 45 to 55 and gets diagnosed after a woman does not get her period for 12 months. According to information from Midi Health, whose CEO Joanna Strober was also named to the 2025 CNBC Changemakers list, 6,000 women hit menopause every day in the U.S., which equates to 1.3 million women annually, while four in five midlife women experience symptoms of menopause, such as hot flashes.

Watts experienced early menopause in her mid-30s. She faced the common symptoms like night flashes and hot flashes. Watts has said in the past that she felt as if “I didn’t have control over my own body.”

Stripes Beauty has expanded into major retailers like Ulta Beauty and Sephora, with the once niche, uncomfortable category now becoming a mainstream part of women’s consumer health and beauty. The company was acquired in a deal between Watts and private investment firm L Catterton, which is backed by Louis Vuitton parent company LVMH, in 2024. It launched “National Hot Flash Day,” celebrated Sept. 9, to reinforce the message that the menopause journey is a completely natural and shared experience.

Watts says women should make “a bet on themselves” no matter what society is telling, or not telling, them.

“After 50, I have felt so much better about knowing who I am, so much more comfortable in my skin,” she said. “Stay connected to women. Women are everything. I am nothing without the community of women I have around me.”

Watts said in the past, when people came up to her in public, she often worried that requests to take selfies would follow, and she couldn’t help but think about being pictured without makeup on. But she says her menopause advocacy in recent years has changed many of these public interactions. “They’re coming up to me with tears in their eyes sometimes, or just wanting to say thank you for giving me the permission, or the dialogue, so I could speak with my husband or partner or family members and not have shame about it. … that gives me great joy. It’s so heartening to know the risk I took had a meaningful effect on others.”

CNBC

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Dubai gold rises for a third day after its worst month since 2008.

Dubai gold prices moved higher early Wednesday, extending a short-term rebound after a sharp correction through March that unsettled buyers and traders alike.

At 8:22 am, 24K gold stood at Dh566.75, up from Dh563.25 a day earlier, while 22K rose to Dh525 from Dh521.50. (Check latest UAE gold prices here, alongside prices in Saudi Arabia, Oman, Qatar, Bahrain, Kuwait, and India.)

The uptick follows a volatile month where prices dropped nearly 12%, marking the steepest monthly decline since October 2008. That slide has reset expectations across the market, with buyers returning in phases rather than rushing in.

Peak to pullback

Gold had surged to levels above $4,700 an ounce in recent sessions, recovering from a broad sell-off triggered by rising US Treasury yields and a stronger dollar.

The shift in direction reflects a wider change in market positioning. Investors who once turned to gold for protection during geopolitical stress instead moved toward yield-bearing assets, particularly as expectations of interest rate cuts faded.

Ahmad Assiri, Research Strategist at Pepperstone, said gold’s behaviour through March marked a clear break from its traditional role.

“Gold’s failure to serve as a safe haven throughout March highlights a dramatic shift in the global macro landscape,” he said.

He added that rising yields and a stronger dollar “forced a painful downside repricing of the yellow metal,” with investors moving away from expectations of monetary easing and pricing in tighter conditions.

War outlook shifts sentiment

Recent gains have been supported by signs that tensions in the Middle East may ease, with market attention shifting from immediate conflict risks to longer-term economic implications.

Comments from US President Donald Trump suggesting a potential resolution within weeks have lifted equities and softened the dollar, creating space for gold to stabilise.

Bond traders have also reduced bets on aggressive rate hikes, focusing instead on growth risks tied to the conflict. That recalibration has helped bullion regain some ground, though conviction remains limited.

Buyers weigh timing

Despite the rebound, the broader trend still reflects caution. Prices remain well below mid-March peaks, when 24K gold crossed Dh600, highlighting the scale of the recent correction.

Assiri pointed to deeper structural shifts shaping demand.

“The market chose the yield of the dollar and the volatility of oil over the safety of gold,” he said, noting that capital moved toward assets offering stronger returns during the height of uncertainty.

That dynamic is likely to keep buyers selective in the near term. Jewellery shoppers and investors in the UAE are watching for clearer signals on rates and geopolitical stability before committing in size.

Outlook steadies, but not settled

Some global banks continue to maintain a constructive view on gold over the longer term, citing central bank demand and the possibility of rate cuts later this year.

Still, the near-term outlook remains tied to macro signals. Movements in yields, the dollar and energy markets are now playing a more decisive role than geopolitical headlines alone.

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China Suppliers Warn US Prices to Rise Over Hormuz Closure

Pickleball paddle producer Devi Wei has a message for U.S. shoppers.

“Americans will have to pay more,” the Chinese businessman told CNBC at a Beijing trade show last week at the China International Exhibition Center.

Because of the recent swings in oil prices resulting from the Iran war and closure of the Strait of Hormuz, Wei, who founded his own exporting business, Huijin Trade, has had to hike prices on his paddles and pickleballs by as much as 20%, he said.

Wei’s goods are made with polypropylene, a plastic material derived from oil and made in the Middle East, a dominant producer in the global industry. The war in Iran has stalled shipments of oil and its products through the Strait of Hormuz, raising concerns among Chinese manufacturers at the trade fair about further disruption across the global supply chain.

“I might have to go even higher,” Wei said. “Maybe double if the Iran war doesn’t stop soon.”

Surging oil prices are filtering into prices of all kinds of products that rely on the commodity for manufacturing.

James Li, who makes scarves and said he sells a third of his inventory to the U.S., has marked up his polyester products by 5%.

“This scarf is 30% polyester,” Li told CNBC from his trade show booth. “We will definitely pass on the extra cost to our customers.”

Wang Mingming, a general manager of toy manufacturer Jinming Gifts, said he is hoarding two months’ worth of the plastic polymer PVC, but isn’t sure he can hold off charging more for his figurines.

“In our industry, these materials are almost irreplaceable,” Wang said. “If oil prices rise any further, we really won’t be able to manage.”

Cameron Johnson, senior partner at Shanghai-based supply chain consultancy Tidalwave Solutions, said he foresees competition for oil-related products among entire sectors if the crisis at the Strait of Hormuz isn’t resolved soon. A prolonged impasse in the critical waterway also raises the possibility of product shortages.

“If this goes on into May, everyone will be in big trouble and there will be triage between industries,” Johnson said, predicting autos and the medical field would be granted higher priority. “There is no visibility when new supply will come.”

Perhaps the biggest worry among China’s manufacturers is what costlier oil will mean for discretionary spending by consumers worldwide.

More money for gas means less for Wei’s pickleballs.

“Ordinary people are getting squeezed the most from the high oil price,” he said. “Their spending power just isn’t what it used to be.

CNBC