Saudi Arabia's non-oil private sector activity contracted in March for the first time since August 2020, as the war in the Middle East snarled up supply chains, a business survey showed on Sunday. The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers' Index (PMI), compiled by S&P Global, tumbled to 48.8 in March from 56.1 in February. Readings below 50 denote contracting activity. Naif Al-Ghaith, Riyad Bank's chief economist, said the drop into contraction territory was largely a reflection of short-term uncertainty linked to the geopolitical tensions in the region.