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IMF: Financial and Regulatory Reform Agenda Contributed to Accelerating Saudi Economy’s Growth

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RIYADH, Saudi Arabia, Sept. 4, 2024 /CNW/ — The International Monetary Fund (IMF) issued a positive report on the Kingdom of Saudi Arabia following the conclusion of the Article IV consultations with Saudi Arabia. The IMF report confirmed that Saudi Arabia’s financial and regulatory reform agenda contributed to accelerating the Saudi economy’s growth, containing inflation, and reducing the unemployment rate to its lowest levels ever. The IMF praised the ongoing economic transformation and efforts to diversify the economy under the Saudi Vision 2030.

The IMF Article IV Consultation report commended the macroeconomic policies and transformational changes implemented by the Kingdom, which contributed to enhancing the growth of non-oil activities. The report also noted that Saudi reforms led to rising employment, which now exceeds pre-Covid figures, and that the rate of women’s participation in the labor market rose to more than 35%, exceeding the Saudi Vision 2030 target of 30%.

The IMF welcomed Saudi Arabia’s measures of conducting the long-term financing planning that supports the implementation of the initiatives, programs, and projects of Vision 2030; while mitigating the risks of overheating. The report also stressed that the Kingdom’s fiscal space is strong, and that sovereign debt risks are low, adding that the abundance of financial reserves in Saudi Arabia has limited the impact of global and regional challenges.

The IMF report stressed that the ongoing reforms in the Kingdom—including ensuring the effective implementation of regulations, streamlining fees, enhancing human capital, increasing the participation of Saudi women in the labor market, facilitating access to land and financing, and improving governance—have contributed to enhancing private sector growth and attracting more foreign direct investment, in addition to the significant progress in the field of digital transformation and artificial intelligence that support these efforts.

The IMF Executive Directors commended Saudi’s leadership role in multilateral fora, including its chairmanship of the International Monetary and Financial Committee (IMFC) in the IMF, contributing to efforts to address global challenges.

The report also noted the increased activity in the services sector—including transportation, trade, tourism and finance—as the growth in consumption that reached 5.7%.

The IMF said that foreign investment license applications reached record levels in 2023, as they approximately doubled from 2022, including the 330 companies applying for licenses to establish their regional headquarters in the Kingdom.

The report reviewed the banking sector developments in the Kingdom, stressing its strong levels of solvency and liquidity, and its flexibility to shocks. The IMF noted that the banking sector is on strong footing, and also noted the efficiency of banking mediation, according to indicators of profitability, infrastructure, and competitiveness.

The IMF report also noted the rise in the Saudi Stock Exchange (Tadawul) index of 14.2% in 2023, surpassing the Morgan Stanley Emerging Markets Index of 7%, while noting the progress in the technical environment enabling investment, and the licensing of three digital banks. The IMF stressed their contribution to enhancing financial inclusion and competitiveness as these banks are characterized by flexibility and innovation.

The IMF noted the Kingdom’s containment of risks resulting from the rapid growth of real estate lending, through diverse government support, the strength of banks, full recourse mortgages, and other supportive measures. It also highlighted improvements in automating the national assessment matrix for money laundering and terrorist financing risks, and enhancing the accuracy of data analysis related to risks received from reporting entities, including fintech companies.

The IMF report noted that the increase in non-oil revenues reflects the effectiveness of existing reforms, which directly contributed to enhancing compliance, praising the alignment of customs procedures with international best practices.

The IMF expected the non-oil sector (which includes government activities) to grow by 3.5% in 2024, supported by strong domestic demand. The IMF also stated that it is probable the inflation rate in the Kingdom remains stable at around 2% over the medium term, supported by the Saudi Riyals peg to the US dollar, and local policies consistent with Saudi Vision 2030.

The IMF confirmed that the Kingdom has one of the lowest carbon intensity levels among all major producers, due to ongoing environmental reforms and the Kingdom’s efforts to achieve net zero by 2060. The report noted the Kingdom’s success in securing a 30-year purchase agreement for the green hydrogen project in NEOM, to achieve its efforts to utilize renewable energy sources.

In order to sequester approximately 44 million tons annually by 2035, the IMF noted that the Saudi government intends to build one of the largest carbon capture and storage plants in the world, which will be operational by 2027, with a capacity of 9 million tons of carbon dioxide annually. The IMF noted the Kingdom’s current efforts to sequester 1.3 million tons of carbon annually through the SABIC Plant and Uthmaniyah Gas Plant Department.

View original content:https://www.prnewswire.com/news-releases/imf-financial-and-regulatory-reform-agenda-contributed-to-accelerating-saudi-economys-growth-302238395.html

SOURCE Saudi Press Agency

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OMODA 4 Officially Rolls Off the Production Line: OMODA&JAECOO Sets Its Sights on a New Global Million-Unit Target

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KUALA LUMPUR, Malaysia and WUHU, China, April 27, 2026 /PRNewswire/ — On April 26, 2026, OMODA&JAECOO hosted the grand “From Million To Annual Million Launch Event and OMODA 4 Roll-off Ceremony”. As the flagship model for the brand’s Globalization 2.0 strategy, the official start of mass production for the OMODA 4 not only marks a milestone in the brand’s three-year journey to 1 million cumulative sales but also represents the launch of the core product powering the brand’s sprint to its 2027 sales target of annual million units. This event aligns with the Chery International Business Summit (IBS), together mapping a new blueprint for the brand’s global growth.

As a flagship model for the youth market and global layout, OMODA 4 precisely targets the “Cyber LOHAS tribe”. Grounded in deep insights into the consumption habits and lifestyles of young consumers, OMODA 4 adopts “Cyber Mecha”as its core positioning, building core product competitiveness in hyper-function, hyper-intelligence, and hyper-energy, serving as a key lever for the brand to capture the global youth market.

Hyper-Functional Design: CYBER MECHA Aesthetics Forge an Exclusive Visual Identity

OMODA 4 breaks away from conventional design logic with its class-exclusive Cyber Mecha supercar styling, forging a futuristic visual identity. The Cyber Lightning Headlights mimic the transient form of a lightning strike, using sharp lines and high-contrast light strips to create a highly recognizable design signature. The mecha-inspired light-flow body borrows from the structural elements of mecha armor, using sharp edges and geometric facets to generate 3D light and shadow effects beyond classic streamlined styling.

The interior features a starship-themed cockpit with a wraparound layout for an immersive mecha-command experience. Paired with a Lamborghini-style F1 supercar flip-start button, every departure is imbued with a sense of ceremony. Meanwhile, the model achieves the optimal drag coefficient within its stylistic class, balancing design with aerodynamic performance. A diverse palette of body colors caters to the individualized tastes of young users, making OMODA 4 a “mobile social card” for self-expression.

Ultra-Smart Features: A Class Benchmark Delivering a Warm Tech Experience

In terms of intelligent features, OMODA 4 leverages class-leading hardware and software capabilities to deliver a smart experience that integrates technology with a human touch, upgrading from “easy to use” to “intuitive”. Equipped with best-in-class hardware, it has 16 ADAS driver-assist features for easy driving and parking, greatly lowering driving barrier to driving and making every journey safer and more convenient.

The AI powered super voice assistant, built on a large language model, will soon be available in the vehicle. In the future, this technology is expected to support diverse function such as voice cloning and mood-based music recommendations, with the aim of accurately sensing the user’s emotional needs and delivering a personalized interactive experience. Additionally, features such as a 13.2-inch ultra-clear central screen, a 540° panoramic image, and 50W wireless charging and other features enrich smart car scenarios, fully addressing the tech demands of today’s youth.

High-Energy Ecosystem: An All-Scenario Setup Tailored to a Diverse Youth Lifestyle

To match young users’digital–physical lifestyle, OMODA 4 builds the best-in-class hyper-energy trendy ecosystem, redefining car scenarios and value as a connector of passion and life. As a mobile esports cockpit, the in-car system comes pre-loaded with over 20 casual and competitive games, supports wireless gamepad connection, turning waiting time into fun gaming moments anytime, anywhere. Building on this, OMODA 4 further expands the boundaries of in-car scenarios, creating a full-scene ecosystem that encompasses pet-friendly features, karaoke, camping, and multimedia entertainment. It is designed to fully accommodate the diverse lifestyle needs of young users and carry all their passions.

OMODA 4 will also launch an Ultra version, which offers class-exclusive factory performance modifications to deliver an exhilarating “supercar-like” experience for driving enthusiasts. The professional sports kit fully optimizes aerodynamics and body stance, boosting visual impact and high-speed stability. A launch control function unleashes peak torque at start for thrilling pushback, the tuned exclusive sports sound ignites drivers’ hearing on every acceleration. Professional sport tuning extends to the suspension, steering, and power response, resulting in more precise and sharper handling overall.

The official mass production rollout of the OMODA 4 represents a critical step in the execution of OMODA & JAECOO’s “New Million Strategy” and is a key component of the brand’s Globalization 2.0 blueprint. With strong tech heritage and a global innovation system, OMODA&JAECOO takes the OMODA 4 as its core model, paired with smart tech like the AiMOGA robot Mornine, to precisely target the global youth market. This shows the brand’s deep understanding of young users and strong R&D capabilities, as well as its commitment and breakthroughs in smart technology. Moving forward, the market launch of the OMODA 4 will further strengthen the brand’s position in the youth market and drive its premium and youthful evolution on the global stage.

About OMODA&JAECOO

In 2025, Chery Group, the parent company of OMODA&JAECOO, ranked 233rd in the Fortune Global 500, achieving the fastest ascent among global automakers, and maintained its position as China’s top passenger vehicle exporter for 23 consecutive years. OMODA & JAECOO takes “Co-Create A Beautiful Life With Young People” as its brand vision, while OMODA focuses on building “The World’s Leading Crossover Brand”, JAECOO adheres to the philosophy of “From Classic Beyond Classic” and is committed to building Global Elegant Off-Road Brand”, and building differentiated competitiveness through dual routes. By 2025, the OMODA & JAECOO brand has expanded into 64 markets worldwide, covering Europe, Asia, Australia, Africa, Latin America, the Middle East, and more,demonstrating strong global growth momentum, especially in the European market, becoming the fastest growing car brand in Europe and even the world. In the field of new energy vehicles, OMODA&JAECOO relies on the world’s leading SHS technology, with Super High Power, Super Low Efficiency, Super Long Combined Range,while providing efficient new energy solutions for global users, but also steadily advancing towards the objective of becoming the “The World’s Number One Hybrid Brand”. Notably, beyond its continuous breakthroughs in the core automotive sector, OMODA & JAECOO has extended its technological innovation into the field of intelligent technologies. The robot, jointly developed with the AiMOGA team, has entered real public service scenarios and made its official debut at the Asian Youth Para Games,representing a landmark practice in automakers’ intelligent transformation and further expanding the brand’s value boundaries.

In Malaysia, OMODA & JAECOO currently offers models including J5, J7, J7 PHEV, J8, C9 and C9PHEV, and will continue to introduce more new models that meet local market demand. Under the same group, OMODA & JAECOO has 3 sister brands in Malaysia – Chery, iCAUR and Lepas.

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SOURCE OMODA & JAECOO

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Broadridge Transforming Financial Literacy in Ireland Through AI-Powered Communication

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Helping Irish savers better understand investment products, Broadridge is developing innovative language simplification technology

DUBLIN, April 27, 2026 /PRNewswire/ — Broadridge Financial Solutions, Inc (NYSE: BR) today announced plans to support groundbreaking work in financial literacy in Ireland. Supported by IDA Ireland, the project will enable Broadridge to explore how artificial intelligence can be used to simplify the language in financial disclosures and make investment products more accessible to Irish retail investors.

“Ireland is a leading international centre for innovation in financial technology,” said Denis Curran, Head of International Financial Services, Emerging Business and Engineering & Green Economy at IDA Ireland. “We are delighted to support Broadridge in its mission to enhance financial literacy through the power of artificial intelligence. I wish the team at Broadridge every success with this innovative project.”

This collaboration addresses a critical challenge facing Ireland’s financial services sector. While Ireland hosts over €5 trillion in fund assets and is Europe’s ETF powerhouse, retail investor participation remains low. Research shows that dense, jargon-heavy disclosures create a significant barrier, with only 18% of EU citizens demonstrating high financial literacy according to the European Commission’s 2023 Eurobarometer Survey.

“This partnership with IDA Ireland positions Broadridge at the centre of a national initiative to leverage technology to make sophisticated investment products genuinely accessible to retail investors,” said Stephen Johnston, Senior Country Officer, Ireland, at Broadridge. “We’ve analysed investment disclosures from the 50 largest UK asset managers and found that nearly half were written at an academic level that would be difficult for most retail investors to understand. Across Europe, around €14 trillion sits in household savings accounts. At a time when purchasing power is eroding due to inflation, too many of these savers lack clarity and confidence in how best to realise their investment potential. By applying AI to create plain-language communications while maintaining regulatory compliance and accuracy, we can measurably boost engagement and help move Irish savers from deposit accounts into long-term investments that can support their financial futures.”

Broadridge’s research project will investigate how AI-driven plain-English communications can transform complex fund documentation into clear and simple information that empowers everyday Irish savers to make informed investment decisions. The initiative aligns with both the European Commission’s Financial Literacy Strategy and regulatory efforts such as the UK FCA’s Consumer Composite Investment framework to deliver simplified, user-friendly disclosures.

Broadridge’s Dublin team supports clients across Ireland’s financial services community, delivering a broad range of technology and operational solutions. With dedicated Dublin-based regulatory expertise, the team partners with leading global asset managers and fund administrators to navigate complex requirements, including PRIIPs, MiFID, Solvency II and the evolving UK–EU regulatory landscape.

Results from the study will be shared with industry stakeholders and regulators to inform best practices.

About Broadridge

Broadridge Financial Solutions (NYSE: BR) is a global technology leader with trusted expertise and transformative technology, helping clients and the financial services industry operate, innovate, and grow. We power investing, governance, and communications for our clients – driving operational resiliency, elevating business performance, and transforming investor experiences.

Our technology and operations platforms process and generate over 7 billion communications annually and underpin the daily average trading of over $15 trillion in tokenized and traditional securities globally. A certified Great Place to Work®, Broadridge is part of the S&P 500® Index, employing over 15,000 associates in 21 countries.

For more information about us, please visit www.broadridge.com

Broadridge Contacts:

Investors:
broadridgeir@broadridge.com

Media:
Gregg.Rosenberg@broadridge.com

 

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SOURCE Broadridge Financial Solutions, Inc.

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Fabpad Surpasses 12-Month Projections in 90 Days, Delivers 300% Growth Following Seed Round

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Achieves rapid scale within a quarter of funding—while keeping most capital undeployed—highlighting strong demand, repeat usage, and a scalable multi-channel model

HYDERABAD, India, April 27, 2026 /PRNewswire/ — Fabpad, India’s fast-growing menstrual hygiene brand, has achieved its 12-month post-seed projections within just three months of closing its funding round in December 2025. The company also reported a 300% year-on-year growth for FY 2025–26.

Fabpad has reached this milestone within the first quarter post funding, with a significant portion of the raised capital still undeployed, pointing to strong underlying demand and disciplined execution.

The company is now planning to raise its Pre-Series A round to support its next phase of growth, with a focus on expanding access and scaling operations across markets.

Fabpad’s product portfolio—including reusable period panties, cloth pads, biodegradable disposables, and intimate hygiene solutions-—is designed to serve both individual consumers and larger-scale use cases.

Fabpad operates as a direct-to-consumer (D2C) brand in India, where it has built strong user engagement through product performance and repeat usage. Alongside this, the company has scaled across multiple demand channels and markets, enabling it to grow rapidly without relying on a single growth engine.

The company’s growth has been driven by a combination of:

Strong repeat behaviour and customer retentionConsistent product performance across use casesExpansion across geographies

Commenting on the milestone, Dipesh Dhelia, CEO, Fabpad, said, “What stands out to us is not just the speed of growth, but how efficiently it has come together. We’ve been able to hit our projected numbers early while still keeping most of our capital undeployed. That’s a strong signal that we have built a strong scalable model.”

Commenting on product adoption, Shripriya Khaitan Dhelia, Co-Founder, Fabpad, said, “Our focus has always been on solving for real, everyday use. This isn’t a one-time purchase decision—it’s something customers evaluate every single month. That’s where trust gets built. If the product performs consistently, it earns credibility over time, and that’s what ultimately drives repeat usage and growth.”

About Fabpad

Fabpad is a personal hygiene brand founded by Shripriya Dhelia, focused on building high-performance, affordable, and sustainable hygiene solutions for modern consumers. The company has developed a diversified business model, combining its direct-to-consumer (D2C) presence in India with institutional partnerships, export markets, and B2B distribution channels, enabling it to scale across both individual and large-scale use cases.

Fabpad’s product portfolio spans reusable period panties, cloth pads, biodegradable disposables, and intimate hygiene products, designed to deliver consistent performance while addressing cost efficiency and environmental impact. Built with a strong focus on product quality, repeat usage, and real-world functionality, the brand has gained traction across multiple markets and customer segments.

Fabpad is building a capital-efficient hygiene platform designed to scale across markets, channels, and use cases—without compromising on performance or accessibility.

Website: https://fabpad.in/

Photo: https://mma.prnewswire.com/media/2966131/Shripriya_Dipesh_Fabpad.jpg

 

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