A surplus of SR90 billion ($24 billion) of Saudi Arabia is expected in 2022, followed by another SR9 billion in 2019. Real GDP is expected to grow by 8 percent in 2022, while inflation may record about 2.6%.
Based on the preliminary statement of the state’s general budget for 2023, Saudi total revenues are forecast to reach SR1.12 trillion in 2023 and SR1.21 trillion in 2025.
SR1.11 trillion is expected to be spent in fiscal year 2023, and SR1.13 trillion in fiscal year 2025.
State’s general budget for 2023 was formulated to continue strengthening and developing the Kingdom’s financial position, the finance minister said.
As part of the Vision program, Al-Jadaan said, the government is investing heavily in social protection. Despite inflation and supply chain challenges, the Kingdom’s economy has achieved high growth rates.
Increasing gasoline prices fuel – demand in Kingdom: KAPSARC
King Abdullah Petroleum Studies and Research Center researcher Anwar Gasim says rising gasoline prices will spur demand for electric vehicles in the Kingdom.
Gas prices will play a major role in driving the demand for electric vehicles in Saudi Arabia, says Anwar Gasim 7 years ago, gasoline prices in the Kingdom were a quarter what they are today.
It was SR0.46 ($0.12) per liter for 91-octane gasoline. According to Gasim, it is SR2.18 today. Energy price reforms have been implemented in the Kingdom since 2016.
“We had to cap gas prices because they correlated with international prices,” Gasim said. The domestic gasoline price will not exceed this limit, regardless of international energy prices.
“A cap was put in place because it had become too high for people here,” he said. Gasim argues that domestic energy prices can contribute to the Kingdom’s climate goals.
Saudi Arabia renewble energy
Saudi Arabia aims to reach 50% renewable energy by 2030. Incentives to conserve energy and save energy can increase after higher energy prices, he said.
The Ministry of Energy lead the regulation team, which on Aug. 22 issued the completion of all legislative and technical aspects to regulate EV charging.
National grid charging is more likely at these stations. Nonetheless, off-grid stations are possible.
Neighborhood distribution networks can’t handle any more load. Transformer capacity is at its peak. Off-grid solutions require renewable sources, such as solar and hydrogen.
In May, Electromin, a Petromin-owned e-mobility provider, announced the rollout of electric vehicle charging stations. Earlier this year, Kalyana Sivagnanam, the CEO of Petromin, said the network has 100 locations across the Kingdom.
The company plans to set up most of its charging stations in Riyadh, Jeddah and Dammam. With Electromin’s charging network, customers will be able to charge from AC chargers to DC fast chargers.
As of 2020, EV charging equipment can be imported. As The Royal Commission of Riyadh launched its 2030 Electric Vehicle Initiative last year as part of its sustainability strategy.
