Saudi Arabia’s non-oil private sector slipping into contraction is one of those data points that says more than a headline first suggests. For years, the kingdom’s diversification story has been sold as a strategic hedge against regional volatility. The latest PMI reading does not invalidate that ambition, but it does expose a harder truth: even a state with vast resources, … [Read more...] about Saudi Arabia’s PMI Shock Shows How Fast War Leaks Into the Real Economy