The industrial production index index in Saudi Arabia recorded a decline of 10.9 percent during September 2026 compared to the same month last year, affected by the decline in mining, quarrying, and manufacturing activity, according to preliminary results issued by the General Authority for Statistics, Tuesday.
On a monthly basis, the index reversed its trend, recording an increase of 15.6 percent compared to August, supported by improved performance of the mining and quarrying sectors, and the manufacturing industry.
The data showed a decline in the sub-index index for mining and quarrying activity by 16 percent on an annual basis, and the index of manufacturing activity declined by 5.4 percent.
The decline in the manufacturing industry was affected by a decline in the activity of manufacturing coke and refined petroleum products by 13.6 percent, and the activity of manufacturing chemicals and chemical products by 3.8 percent.
In contrast, other economic activities recorded annual growth, as the index for electricity, gas, steam, and air conditioning supplies increased by 6.4 percent, while the index for water supply, sanitation, and waste management and treatment activities grew by 7.3 percent.
Mining leads monthly recovery
On a monthly basis, the mining and quarrying activity index rose by 29.1 percent during September compared to August, leading the improvement in industrial production.
The manufacturing industry index also rose by 2.8 percent, supported by an increase in the activity of manufacturing coke and refined petroleum products by 7 percent, and the activity of manufacturing chemicals and chemical products by 0.8 percent.
In contrast, the index for electricity, gas, steam, and air conditioning supplies decreased by 1.2 percent, and the index for water supply, sanitation, and waste management and treatment activities declined by 0.4 percent.
According to the main economic activities, the oil activities index decreased by 15.5 percent during September compared to the same month of the previous year, while the non-oil activities index recorded a slight increase of 0.1 percent.
On a monthly basis, the oil activities index rose by 24.7 percent, and the non-oil activities index rose by 0.6 percent compared to August.
The American company ExxonMobil took the first steps to return to the Venezuelan oil sector, after signing a memorandum of understanding with the government in Caracas, at a time when foreign energy companies are racing to benefit from the country’s huge reserves, following pressure exerted by US President Donald Trump to open the sector to foreign investments.
Interim Venezuelan President Delcy Rodriguez said that the agreement paves the way for ExxonMobil, the second largest oil company in the world, to develop oil fields containing reserves worth billions of barrels, describing the memorandum as “important” and the result of months of negotiations aimed at the company’s return to hydrocarbons activities in the country.
For his part, ExxonMobil Upstream President, Dan Ammann, said that combining the company's capabilities and Venezuela's exceptional oil resources and the partnership between the two parties would bring great benefits to all parties concerned.
ExxonMobil has not run operations in Venezuela since 2007, when the late socialist President Hugo Chavez seized its assets as part of a broad campaign to nationalize the property of foreign companies, in a move that prompted the company to leave the country.
Venezuela has the largest proven oil reserves in the world, but years of sanctions, lack of investment, and mismanagement have weakened its oil sector, which was previously one of the most prominent engines of the country's economy.
The move comes in the context of political and economic transformations that followed the overthrow of President Nicolas Maduro last January, during an American operation, as Delcy Rodriguez granted Washington access to a large portion of Venezuelan oil reserves, amid American efforts to open the sector to foreign companies.
However, the American moves are facing criticism within the United States and Venezuela, as critics accuse Trump of using the overthrow of Maduro to pressure the country and extract concessions from it, warning that Delcy Rodriguez may face a similar fate if she does not respond to Washington’s demands. On the other hand, the interim Venezuelan president confirms that Venezuela still maintains control of its oil.
Annual bonuses for Wall Street workers are set to rise for the third year in a row in 2026, although rising interest rates and market volatility have begun to dampen the pace of deal-making activity and record trading revenues recorded this year, according to estimates by compensation consulting firm Johnson Associates.
The company expects bonuses for workers in stock sales, initial public offerings, and trading to rise by between 20 and 30 percent. Remuneration for executives specializing in advisory on mergers and acquisitions deals is also likely to rise by between 15 and 20 percent, while those working in sales and trading of fixed income instruments are expected to record increases ranging between 7.5 and 12.5 percent, according to Reuters.
Alan Johnson, founder and managing director of the company, said that the year 2026 is expected to end as “the year of banking,” with the highest levels of compensation for its workers recorded.
Fees for investment banking activities globally rose to $99.4 billion during the first nine months of the year, an increase of 9 percent compared to the same period last year, to record the highest level since the records recorded in 2021, according to data from the London Stock Exchange Group (LSEG).
But Johnson warned that 2026 could mark the peak of the bonus cycle; Pointing out that 2027 profits may be affected by rising interest rates, geopolitical turmoil, and market fluctuations. He added that the recent wave of decline in technology company stocks is a reminder that stock valuations are still at historically high levels.
In the insurance and asset management sectors, executive remuneration is expected to remain stable or register a slight increase compared to last year. As for private credit, it appears to be the only sector that may witness a decline in incentives, in light of the increase in requests to recover investments and the incurring of some losses as a result of bankruptcies.
