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Saudi Energy Minister: Providing Competitive Energy Prices for Companies

Saudi Energy Minister Prince Abdulaziz Bin Salman at the Digital Government Forum in Riyadh
Saudi Energy Minister Prince Abdulaziz Bin Salman at the Digital Government Forum in Riyadh
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Saudi Energy Minister: Providing Competitive Energy Prices for Companies

Saudi Energy Minister Prince Abdulaziz Bin Salman at the Digital Government Forum in Riyadh
Saudi Energy Minister Prince Abdulaziz Bin Salman at the Digital Government Forum in Riyadh

Saudi Energy Minister Prince Abdulaziz Bin Salman has revealed a new initiative led by the Kingdom aimed at providing sustainable energy to businesses at a fixed and stable price for an extended period.
He revealed that there are currently 1,200 sites across various regions of the Kingdom being studied to determine the most suitable locations for solar energy projects.
During a session titled ‘The Role of Innovation and Digital Transformation in Enhancing Efficiency in the Energy Sector Towards a Sustainable Future’ at the Digital Government Forum in Riyadh, the prince announced a new direction to provide sustainable energy to companies at a fixed and stable price for a long period, asserting that the Kingdom is capable of doing so to enhance the economic returns of facilities.
The minister added that the Ministry has succeeded in reducing costs by using modern technologies in the process of extracting, producing, and distributing all forms of energy, as well as in reducing costs in manufacturing spare parts and devices used in these processes.
He also noted that the Kingdom has ‘thousands’ of oil and gas pipelines spread across the country, highlighting the importance of artificial intelligence technology in monitoring various aspects around them, including maintenance, safety, and security.

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Saudi Arabia Has Most Stable Inflation Rate Compared to G20 Countries

A supermarket in Saudi Arabia (Asharq Al-Awsat)
A supermarket in Saudi Arabia (Asharq Al-Awsat)
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Saudi Arabia Has Most Stable Inflation Rate Compared to G20 Countries

A supermarket in Saudi Arabia (Asharq Al-Awsat)
A supermarket in Saudi Arabia (Asharq Al-Awsat)

Saudi Arabia has managed to control inflation in recent months, recording 1.5 percent in June, on an annual basis. This shows that the Kingdom is one of the most stable countries in the G20, with an inflation rate that remains inferior to the global target of 2 percent.

Data issued by the General Authority for Statistics (GASTAT) on Tuesday revealed that residential rents had the biggest influence on inflation in June, compared to the same month last year, as they rose by 10.1 percent.

On a monthly basis, the inflation rate decreased in June, reaching 1.5 percent, compared to 1.6 percent the previous month.

Experts told Asharq Al-Awsat that the rate shows the efficiency of Saudi Arabia’s economic management and liquidity to ensure a balance between growth and inflation. They said the government is making great efforts to adopt the adequate procedures and measures in order to confront the wave of inflation and rising prices that has recently swept the world.

Economic policy analyst Ahmed Al-Shehri told Asharq Al-Awsat that the inflation rate in Saudi Arabia is still under control, and below the global target, noting that it has decreased to 1.5 percent last June, after witnessing slight increases over the past months.

According to Al-Shehri, the annual inflation rate reaching 1.5 percent is mainly due to the increase in housing rental prices by 10.1 percent.

He said the cash supply in Saudi Arabia reached SAR2.9 trillion ($778.1 billion), in parallel with the slowdown in annual inflation to record 1.5 percent in June, which reflects the efficiency of economic management and liquidity to ensure a balance between growth and inflation.

For his part, legal advisor and professor of commercial law, Dr. Osama Al-Obaidy, told Asharq Al-Awsat that the government has resorted to early precautionary measures that helped avoid the inflation crisis.

The stability of the inflation rate highlights the success of the Kingdom’s financial policies and its support for the private sector, in order to raise manufacturing productivity and increase strategic reserves of basic materials and ensure their availability, he said.