She added: “At the composite level, business confidence sank to the lowest since October 2020.” “Headwinds facing Russian private sector firms will be significant going into 2022, as high inflation, growing COVID-19 cases and weak demand threaten the near-term outlook,” Siân Jones, senior economist at IHS Markit, said. The rate of cost inflation also spiked as manufacturers and service providers faced higher input prices. Output expansion originated from the manufacturing sector.

Moreover, the country’s private sector experienced a slight upturn in December, as its Purchasing Managers’ Index rose to 50.2, up from 48.4 in the previous month, IHS Markit said. In monthly terms, the inflation rate decelerated slightly to 0.82 percent in November from 0.96 percent in the previous month, according to official data. Services experienced a smaller spike, increasing by 5 percent. Prices of non-food products also rose by 8.6 percent. The hike in prices was partly driven by higher costs of foodstuffs, which went up by 10.6 percent. SAMI-owned Advanced Electronics Co., founded in 1988, specializes in designing and manufacturing products in the defense, aviation, information and communications technology, security and energy sectors.Īnnual inflation rate in Russia hit 8.39 percent in November, virtually unchanged from the previous month’s 8.4 percent, data from the country’s Federal State Statistics Service showed. “The cooperation with Aramco is expected to contribute to the efficiency and value of the supply chains in the industrial digital businesses, especially at the engineering, manufacturing, and services level, and across many systems and products used in the ICT, security, and energy sectors,” Ziad Al-Musallam, AEC CEO, said. In light of the program, Aramco plans to localize content, drive gross domestic product growth, create jobs, boost digital talent development, and enhance its reliability and operational efficiency. The partnership comes amid efforts to adopt Internet of Things technologies, known as IoT, computing and communication, robotics, drones, and semiconductors.

to accelerate the Kingdom’s digital ecosystem. RIYADH: Saudi oil giant Aramco has inked an initial agreement with Advanced Electronics Co.

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