A new report published by IHS Markit, a London-based global information provider, revealed that Saudi Arabia's economy "recorded its biggest increase in new work in more than four years in November."
Purchasing Managers' Index (PMI) - an indicator designed to provide a brief glance at the operating conditions in the non-oil private sector economy - stood at 58.3 in November, up from 57.8 in October.
"A bright spot was a quickening of overall new order growth, which reached its fastest pace since April 2015," said IHS Markit economist Amritpal Virdee.
With these numbers disclosed, the kingdom has proven to have officially and successfully rebounded from a severe slowdown that was triggered by the collapse of oil prices in 2014.
The positive jump is partly due to the stabilization of oil prices. It's also been affected by ongoing reforms that have made things easier for foreign companies to invest and do business in the country.
The report also revealed that the employment among non-oil private sector companies rose in November, though the rate of job creation "was marginal and subdued by historical standards."
In addition to that, information gathered from surveyed businesses showed that firms working in the non-oil private sector scaled up their purchasing activity to support increased output requirements.
Saudi Arabia is diversifying its economy like never before
In recent years, the country has been veering towards diversifying its economy through bolstering several new sectors. This is all being guided by Vision 2030, an ambitious blueprint launched by Crown Prince Mohamed bin Salman. The scheme is resulting in a major shift from the previously oil-dependent economic structures and bringing forth a more diverse strategy.
Under it, the country has started making profits out of several sectors it seldom profited from in previous years. These include tourism, entertainment, and sports.
The Saudi tourism industry has seen major growth in recent months. A key goal under the vision is to increase the number of tourists and revenues generated from tourism to 18 percent in the next 14 years. With a quick glance at recent happenings, the country seems to be right on track with this goal.
The country's entertainment sector has also been completely transformed under the governance of the kingdom's General Entertainment Authority.
In previous years, entertainment was contributing meager profits to the country but that is all changing. With festivals and concerts being held across Saudi Arabia, the industry is now expected to see a huge increase in its monetary contributions.
