JEDDAH: Soaring fuel consumption on Saudi Arabia’s roads has alarmed the Kingdom’s Program for Energy Efficiency, which blames poor performing cars for the problem.
Cars in the Kingdom average 13 kilometers per liter compared with 14 in the US, 15.2 in China and 20 in Europe, according to Ministry of Transport figures.
The statistics show road transport is responsible for almost a quarter of Saudi Arabia’s energy use, with 22 percent of energy use in the Kingdom directed at the transport sector, 90 percent of which goes on land transport.
About 910,000 barrels of fuel and diesel are consumed daily by 12 million vehicles, according to the Ministry of Transport statistics. By 2030, the number of vehicles is expected to reach 26 million, and daily consumption of fuel and diesel will be around 1.86 million barrels per day.
More than 80,000 kilometers of roads are being built to satisfy growing demand.
The National Center for Energy Efficiency has launched a five-week campaign (#to remain) to raise awareness of energy conservation. The campaign, under the umbrella of the Saudi Program for Energy Efficiency, will consider ways of reducing energy use without affecting living standards.
The Saudi Program for Energy Efficiency has been working with international car manufacturers for several years to improve fuel economy in imported vehicles.
Efficiency standards are expected to improve by 4 percent each year to reach 19 kilometers per liter by 2025.
A total of 78 manufacturers representing 99.7 percent of cars sales in the Kingdom will apply the Saudi “mileage economy standard.”
Improvements are expected to save at least 300,000 barrels of fuel and diesel each day by 2030.
Energy watchdog targets cars as fuel use soars in Saudi Arabia
Energy watchdog targets cars as fuel use soars in Saudi Arabia
Closing Bell: Saudi equities continue 4-day upward trend
RIYADH: Saudi equities closed higher on Wednesday, with the Tadawul All Share Index rising 51.52 points, or 0.47 percent, to finish at 10,945.15.
Trading activity was robust, with 373.9 million shares exchanged and total turnover reaching SR6.81 billion.
The MT30 Index also ended the session in positive territory, advancing 11.93 points, or 0.82 percent, to 1,472.82, while the Nomu Parallel Market Index declined 116.82 points, or 0.49 percent, to 23,551.47, reflecting continued volatility in the parallel market.
The main market saw 90 gainers against 171 decliners, indicating selective buying.
On the upside, Al Kathiri Holding Co. led gainers, closing at SR2.18, up SR0.12, or 5.83 percent. Wafrah for Industry and Development Co. advanced to SR23, gaining SR0.99, or 4.5 percent, while Al Ramz Real Estate Co. rose 4.35 percent to close at SR60.
SABIC Agri-Nutrients Co. added 4.21 percent to SR118.70, and Al Jouf Agricultural Development Co. climbed 4.12 percent to SR45.
Meanwhile, losses were led by Saudi Industrial Export Co., which fell 9.73 percent to SR2.69. United Cooperative Assurance Co. declined 5.08 percent to SR3.74, while Thimar Development Holding Co. dropped 4.54 percent to SR35.30.
Abdullah Saad Mohammed Abo Moati for Bookstores Co. retreated 4.15 percent to SR48.50, and Gulf Union Alahlia Cooperative Insurance Co. slipped 3.96 percent to SR10.44.
On the announcement front, Saudi National Bank announced its intention to issue US dollar-denominated Additional Tier 1 capital notes under its existing international capital programe, with the final size and terms to be determined subject to market conditions and regulatory approvals.
The planned issuance aims to strengthen Tier 1 capital and support the bank’s broader financial and strategic objectives.
The stock closed at SR42.70, gaining SR0.70, or 1.67 percent, reflecting positive investor reaction to the capital management move.
Separately, Almasane Alkobra Mining Co. said its board approved the establishment of a wholly owned simplified joint stock company to provide drilling, exploration and related support services, with a share capital of SR100 million and headquarters in Najran, subject to regulatory approvals.
The new subsidiary aligns with the company’s strategy to enhance operational efficiency and expand its role in the Kingdom’s mining sector.
Shares of Almasane Alkobra Mining closed at SR98.70, up SR0.30, or 0.3 percent, by the end of the session.
