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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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Eoptolink Releases OSFP 1.6T DR8 and 2FR4 Series Transceivers for AI/ML Clusters and Cloud Datacenter Networks

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September 20, 2024

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CHENGDU, China, Sept. 20, 2024 /PRNewswire/ — Eoptolink Technology Inc., Ltd. (SZSE: 300502), a leading innovator and provider of advanced optical transceiver solutions, announces the release of its OSFP 1.6T DR8/DR8-2 and 2xFR4 transceivers enabling the next generation high bandwidth networks for AI/ML clusters and cloud datacenters.

Eoptolink 1.6T OSFP transceivers have 8 electrical host interfacing lanes and 8 optical lanes operating at 212.5Gb/s (106GB with PAM4). Equipped with the industry’s latest DSP, these modules support transmission distances of up to 2km without the need to regenerate the FEC. The 1.6T DR8 and DR8-2 modules comes with either one MPO-16 adapter for point-to-point (P2P) connections or two MPO-12 adapters for 2x800G breakout applications. The 1.6T 2xFR4 modules are designed with a dual duplex LC connector running with 2 pairs of fibers only, which could help users to save fiber resources compared to DR8 and DR8-2 versions.

The 1.6T DR8/DR8-2 and 2FR4 Portfolio consists of: – 

EOLO-13T-5H-XMX    OSFP 1.6T DR8, 1×1.6TbE, 500m, MPO-16
EOLO-13T-5H-XDX    OSFP 1.6T DR8, 2x800GbE, 500m, Dual MPO-12
EOLO-13T-02-XMX    OSFP 1.6T DR8-2, 1×1.6TbE, 2km, MPO-16
EOLO-13T-02-XDX     OSFP 1.6T DR8-2, 2x800GbE, 2km, Dual MPO-12
EOLO-16T-02-XXX     OSFP 1.6T 2FR4, 2x800GbE, 2km, Dual Duplex LC

Eoptolink OSFP 1.6T transceivers feature both EML and SiPh-based solutions, and testing has demonstrated excellent performance. “We are very proud of our optical and RF design teams, says Sean Davies, VP Sales, Eoptolink Technology Inc., Ltd. “Our 1.6T OSFP modules do not need an additional FEC on the optical side and this results in lower latency and power consumption of the modules simplifying the complete system and helping our AI and cloud customers in their work.”

About Eoptolink

Eoptolink Technology Inc., Ltd. (SZSE: 300502), a publicly traded company in China, is a leading innovator and provider of advanced optical transceiver solution for data center, enterprise and telecom networks. Eoptolink is dedicated to research, develop, manufacture and markets a diverse portfolio of high-performance optical transceivers for AI, Cloud Data Center, 4G/5G wireless, Transport & Datacom and FTTX applications all over the world.

Contact Us

China(HQ):   

No.510 Wulian Avenue, Chengdu 610200

USA:   

3191 Laurelview Court, Fremont, CA 94538

Thailand:   

390/21 Moo 2, Khao Khan Song, Sriracha, Chonburi 20110

E-mail:  

sales@eoptolink.com 

 

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SOURCE Eoptolink Technology Inc., Ltd.

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Flat Ads Makes Its Mark at DMEXCO 2024: Showcasing Strength in Programmatic Advertising

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September 20, 2024

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COLOGNE, Germany, Sept. 20, 2024 /PRNewswire/ — In September, Flat Ads makes its mark at DMEXCO 2024, the prestigious European event of digital marketing and technology. The highly successful exhibition boasts 650 exhibitors, 850 speakers, and thousands of participants. At the event, Flat Ads showcased the strength of programmatic advertising platform in ad delivery, traffic optimization, and brand safety.

Flat Ads programmatic advertising platform has an exclusive developer traffic of 700 million and an extensive network spanning over 200 countries and regions worldwide. It cooperates with over 200 leading DSP/SSP partners, including FreeWheel, PubMatic and Criteo, leveraging an efficient and complete bidding system, as well as automatic delivery algorithms, to achieve precise marketing and advertising effectiveness maximization.

With its exclusive platform strategy algorithm, Flat Ads programmatic advertising platform can continuously conduct automatic exploration and matching based on the characteristics of DSP and traffic, optimize and adjust the algorithm model in real-time. This not only ensures the sustainability of DSP budgets, but also maximizes traffic utilization and enhances monetization revenue of advertisements.

Moreover, brand protection is among the top priorities of Flat Ads. In addition to accessing to authority agency Pixalate to test the effectiveness of ads, it has also accessed HUMAN, the global cybersecurity authority to safeguard its clients by preventing bot attacks, digital fraud and abuse, ensuring a stable, reliable, and secure programmatic advertising transaction platform.

By participating in DMEXCO 2024, Flat Ads showcased its outstanding strength and fruitful achievements in the programmatic advertising field, attracting the attention of numerous advertisers and developers for cooperation. Flat Ads boasts not only robust technical capabilities and innovative prowess, but also an active and open attitude towards emerging technologies, embracing and exploring them. It remains committed to providing more professional and efficient global marketing services to advertisers and developers worldwide, helping clients stand out in the fiercely competitive market and achieve business growth.

As a globally leading mobile advertising marketing platform, Flat Ads currently operates offices in Singapore, Indonesia, Hong Kong, and Guangzhou, serving over 1000 clients with global marketing solutions. If you’re interested in Flat Ads’ programmatic advertising services, please visit www.flat-ads.com.

View original content:https://www.prnewswire.co.uk/news-releases/flat-ads-makes-its-mark-at-dmexco-2024-showcasing-strength-in-programmatic-advertising-302253872.html

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Tulufan, Xinjiang: For the first time, a new energy plant and station has achieved “all-green electricity” operation

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1 hour ago

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September 20, 2024

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TULUFAN, China, Sept. 20, 2024 /PRNewswire/ — On September 19, employees of State Grid Tulufan Electric Power Supply Company came to State Power Investment Zhongli Tenghui Qiquanhu Photovoltaic Power Station to provide comprehensive technical support and guidance for new energy enterprises.

Seven wind power and photovoltaic power generation enterprises, including Xinjiang Jize Power Generation Company in Tulufan, have obtained 6.035 million KWH of grid electricity by purchasing 6,035 “green certificates” to achieve “green electricity – green electricity” and achieve green energy use in the whole link of new energy power generation.

The green power certificate, referred to as “green certificate”, is the only certificate that identifies the production and consumption of renewable energy power. Promoting the all-green operation of new energy power generation is an important measure to promote the green consumption of renewable energy.

“Before, we were just ‘producers’ of green electricity. Now the buyers of green certificates have become green electricity consumers, and the production process is fully green.” Qiquan Lake photovoltaic power station inspection officer Forzati Dilishati said.

Since the launch of the green electricity and green certificate market, State Grid Tulufan Electric Power Supply Company has actively promoted green electricity trading, promoted the supply of green electricity and green certificates in multiple scenarios, promoted the rapid promotion and popularization of related services in Tulufan, and helped build a new power system.

In the first eight months of this year, the cumulative volume of green electricity transactions in Xinjiang reached 1.174 billion KWH, 93.83 times that of the whole year of 2022.

 

View original content:https://www.prnewswire.com/apac/news-releases/tulufan-xinjiang-for-the-first-time-a-new-energy-plant-and-station-has-achieved-all-green-electricity-operation-302253902.html

SOURCE State Grid Tulufan Electric Power Supply Company

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