KARACHI: The seventh edition of HBL Pakistan Super League (PSL) tournament is expected to create huge income opportunities for franchises, enrich the country’s global perception and address international security concerns, said officials and business leaders on Thursday.
According to the Pakistan Cricket Board (PCB), HBL PSL has 80 million viewers who have turned the Twenty20 cricket series into a major success. The tournament also draws significant corporate sponsorships from multinational firms and has led to a steady increase in the income of franchises.
Six teams are participating in the month-long event which kicked off at the National Stadium Karachi on Thursday.
“There is a substantial increase in the purchase of commercial rights of the event,” Sami Ul Hasan Burney, director media and communication at the PCB, told Arab News.
“The financial model is that 95 percent of the total revenue is distributed among franchisees and only five percent comes to the PCB after all expenses,” he added while providing details of the new business arrangement that was adopted with consensus by all stakeholders in October 2021.
Under the agreed model, PSL franchises will also be entitled to an additional 98 percent share of the profit from the central revenue pool as COVID-19 relief for PSL-5 and PSL-6.
Previously, they were getting about 85 to 90 percent of the revenue.
The major sources of revenue generation for the event are advertainments, airing rights auction, and title sponsorship.
“The revenue is collected by the PCB,” Burney said. “Media rights, title sponsorship, ground signage are the major revenue sources. This is all negotiated and finalized by the PCB and done in the presence of the representatives of the franchisees.”
The PCB has auctioned the PSL TV Broadcast media rights for 2022-2023 for over Rs4.35 billion – or approximately $24.6 million – which were awarded to a consortium comprising ARY and state-owned Pakistan Television (PTV).
Title sponsorship is another revenue generation source which is retained by the country’s largest bank, Habib Bank Limited (HBL), until 2025.
“HBL not only exceeded the reserve price in reacquiring the rights but sealed it with a 55 percent jump from last cycle, which speaks volumes of their belief in the PSL brand,” said a recent statement issued by the PCB.
Though the official amount of the title sponsorship is not disclosed, media reports claim it stands at $22.2 million, up from $14.5 million that were signed for 2019-2021 events.
HBL officials say their priority is to promote sports in the country instead of pursuing their commercial interests.
“The development of youth in Pakistan is a generational benefit HBL seeks from the tournament,” Ali Habib, the bank’s chief marketing and communications officer, told Arab News.
Pakistani business leaders said the event was more of a perception building process to create the country’s positive image at the world stage.
“The event signals that business and security environment of the country is normal, not only for us but also for international trade requiring the participation of foreign players,” Mian Nasser Hyatt Maggo, president of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), told Arab News.
“Foreign importers will be more comfortable to visit Pakistan and play greater role in our export promotion due to improving perception of the country,” the FPCCI chief said, adding: “The T20 series also helps local companies grow their businesses and strengthens domestic advertising business.”
Sports analysts said the event mobilizes billion of rupees through commercial activities, adding it was also indispensable for the country’s international image and advancing its domestic economic interests.
“The commercial value of the event is in billions of rupees which also explains why the tournament has become so popular,” senior sports analyst Qamar Ahmed commented. “The major chunk of the revenue has already been collected through sales of title sponsorship and media rights.”
According to the PCB annual report, the organization earned a profit of Rs3.8 billion in fiscal year ending in June 2020 from various sources including tours and tournaments. The total income of the board was Rs9.3 billion while it incurred Rs5 billion in various expenditures.
PSL to bring more revenue, improve Pakistan's global image — business leaders
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PSL to bring more revenue, improve Pakistan's global image — business leaders
- The Pakistan Cricket Board says 95 percent revenue from the tournament will be distributed among six franchises
- The country’s business community sees the event as an opportunity to display improved trade and security environment in Pakistan
Pakistani PM, Saudi Crown Prince hold wide-ranging talks on political, economic, security matters
- Sharif arrived in the Kingdom on Thursday on a two-day visit to enhance trade and investment, discuss regional security
- Leaders discuss investment ties, latest military standoff with India and worsening humanitarian situation in Gaza
ISLAMABAD: Pakistani Prime Minister Shehbaz Sharif held bilateral talks with Saudi Crown Prince Mohammed bin Salman today, Friday, and discussed a range of issues, including political, trade and investment ties, the latest military standoff with India and the worsening humanitarian situation in Gaza.
Sharif arrived in the Kingdom on Thursday on a two-day visit aimed at enhancing cooperation in trade and investment and to discuss regional security concerns.
“The meeting reaffirmed the deep-rooted, strategic, and fraternal ties between Pakistan and the Kingdom of Saudi Arabia,” said a statement released by Sharif’s office after his meeting with Crown Prince Mohammed.
“Prime Minister Shehbaz Sharif expressed satisfaction on the growing momentum of bilateral cooperation in the political, economic and security domains.
“Both leaders agreed to further elevate this strategic partnership in accordance with the shared vision of the leadership and the aspirations of the brotherly people of the two countries.”
Last month, following the worst military confrontation between India and Pakistan in decades, Saudi Arabia, along with other Gulf nations, played a key role in mediating between the two nuclear-armed neighbors, helping to avert a potential war.
“The Prime Minister expressed appreciation for the Kingdom’s proactive role during recent tensions between Pakistan and India, and its steadfast commitment to promoting peace and stability in the region and beyond,” the statement added.
The two leaders also discussed the “dire humanitarian situation in Gaza,” calling on the international community to fulfill its moral and legal obligations. They reiterated their “unwavering support for a just and durable resolution to the Palestinian question, grounded in the Arab Peace Initiative and the relevant United Nations Security Council resolutions.”
Earlier in the day, Sharif held “informal talks” with the Crown Prince at a special luncheon at the royal court.
A statement from Sharif’s office said the Crown Prince gave a “special welcome” to the PM and personally drove him to attend the lunch.
“The Saudi Crown Prince warmly welcomed Prime Minister Muhammad Shahbaz Sharif at the lunch and informal talks were held between the two leaders,” the statement said.
“The lunch was attended by important leaders from the Middle East, including members of the Saudi cabinet and top Saudi civil and military leadership.”
“STRENTHEN BILATERAL COOPERATION”
Sharif reached Jeddah on Thursday evening and departed for Makkah to perform Umrah, the Prime Minister’s Office (PMO) had said in an earlier statement.
“The two leaders will discuss ways to further strengthen bilateral cooperation in various fields, including trade and investment, welfare of the Muslim Ummah, and regional peace and security,” PMO said about Sharif’s meeting with the Saudi Crown Prince.
The visit comes amid deepening economic ties between Pakistan and Saudi Arabia.
In recent months, the two countries have signed multiple agreements aimed at boosting bilateral trade and investment. Notably, Saudi Arabia has committed to a $5 billion investment package to support Pakistan’s economy, which has been grappling with a balance of payments crisis.
Last year, Saudi and Pakistani businessmen signed 34 memorandums of understanding worth $2.8 billion, covering sectors such as industry, technology, and agriculture. Additionally, Saudi Arabia’s Manara Minerals is in talks to acquire a 10-20 percent stake in Pakistan’s $9 billion Reko Diq copper and gold mining project, one of the largest of its kind globally.
Defense cooperation is also a key component of the bilateral relationship. The two nations have a history of military collaboration, with Saudi Arabia providing support to Pakistan during times of regional tension and Pakistan training Saudi forces.
Pakistan has a 2.7 million-strong diaspora in Saudi Arabia, which accounts for the highest remittance inflow, a crucial lifeline for the country’s economy.
Pakistan says US should encourage India to engage in ‘comprehensive dialogue’
- Weeks after their worst military confrontation in decades, India and Pakistan have dispatched top lawmakers to press their cases in the US
- Pakistan team led by ex-foreign minister Bilawal Bhutto Zardari, India’s by one of its most prominent opposition politicians Shashi Tharoor
WASHINGTON: The head of a delegation visiting Washington DC to present Islamabad’s position following a recent military standoff with New Delhi said on Friday the United States should encourage India and Pakistan to engage in a “comprehensive dialogue.”
Weeks after their worst military confrontation in decades, India and Pakistan have dispatched top lawmakers to press their cases in the United States, where President Donald Trump has shown eagerness for diplomacy between them.
After crisscrossing the world, the delegations descended this week at the same time on Washington, which played a key mediatory role in a ceasefire after four days of fighting between the nuclear-armed adversaries in May.
In strikingly similar strategies, the rival delegations are both led by veteran politicians who have been critical of their countries’ governments and are known for their ease in speaking to Western audiences. Pakistan has embraced an active role for the Trump administration while India, which has close relations with Washington, has been more circumspect and has long refused outside mediation on the flashpoint Himalayan territory of Kashmir.
“Just like the United States and President Trump played a role in encouraging us to achieve this ceasefire, I believe they should play their part in encouraging both sides to engage in a comprehensive dialogue,” said Bilawal Bhutto Zardari, the scion of a political dynasty whose Pakistan People’s Party says it belongs neither to the governing coalition nor opposition.
“I don’t quite understand the Indian government’s hesitance,” Bhuttoo Zardari, the head of the Pakistani diplomatic delegation, told AFP.
“I’m the first to criticize the United States for so many reasons, but where they do the right thing, where they do the difficult task of actually achieving a ceasefire, they deserve appreciation.”
India’s delegation is led by one of its most prominent opposition politicians, Shashi Tharoor, a former senior UN official and writer.
He said he was putting the national interest first, despite disagreements domestically with Hindu nationalist Prime Minister Narendra Modi.
Tharoor said he heard “total support and solidarity for India” during his meetings with US lawmakers and a “complete understanding of India’s right to defend itself against terrorism.”
“NO EQUIVALENCE”
Gunmen on April 22 massacred 26 tourists on the Indian-administered part of Kashmir, most singled out as Hindus, in the deadliest attack on civilians in decades in the scenic region that has seen a long-running insurgency.
India accused Pakistan of backing the assailants — which it denies — and launched strikes on Pakistani territory. More than 70 people were killed in missile, drone and artillery fire on both sides.
“There can be no equivalence between a country sending terrorists and a country having its civilians killed, holiday-makers, tourists, men shot down in front of their wives and children after being asked their religion,” Tharoor told a news conference.
He said he was “puzzled” by those who believe denials of responsibility by Pakistan, pointing to how US forces found Osama bin Laden in the country.
Tharoor also noted that former Pakistani president Asif Ali Zardari, Bhutto Zardari’s father, had advocated peace with India but was in power during the siege of Mumbai on November 26, 2008.
“If they can’t control what they’re doing to us, why bother to talk to them?” said Tharoor, who pointed to the outsized role of the military in Pakistan.
“NEW NORMAL”
Trump has repeatedly credited his administration with averting nuclear war and said the United States had negotiated an agreement to hold talks between the two sides at a neutral site, an assertion that met India’s silence.
Pakistan had cool relations with Trump’s predecessor Joe Biden, whose aides bitterly resented Islamabad’s role in the Afghanistan war, but Pakistan has quickly worked to woo Trump including with the arrest of a suspect in a deadly 2021 attack that killed more than 170 people, including 13 US troops, during the withdrawal from Kabul.
Bilawal, recalling how his mother, former prime minister Benazir Bhutto, was killed in a terror attack, said Pakistan was ready to discuss terrorism with India but that Kashmir as a “root cause” also needed to be on the table.
He said that India was establishing a dangerous new precedent in South Asia where whenever there is a terrorist attack in any country, “you go straight to war.”
“I think that the fate of 1.7 billion people and our two great nations should not left in the hands of these nameless, faceless, non-state actors and this new normal that India is trying to impose on the region,” he said.
The two delegations have no plans to meet in Washington.
Pakistan moves to build ‘direct collaboration’ with New York Crypto Council
- CEO of Pakistan Crypto Council has been on a visit to the United States since last month
- Saqib has met over a dozen key US lawmakers, government officials, including New York mayor
KARACHI: Pakistan’s Minister of State for Crypto and Blockchain, Bilal Bin Saqib, has met New York City Mayor Eric Adams, in a “key step” toward building “direct collaboration” between the crypto councils of Pakistan and New York, Saqib’s office said in a statement on Friday.
The minister, who is also the CEO of the Pakistan Crypto Council (PCC), has been on a visit to the United States since last month, where he has met over a dozen key US government officials and lawmakers to strengthen cooperation in the areas of digital assets, blockchain regulation, and financial innovation.
Pakistan set up the PCC in March to create a legal framework for cryptocurrency trading in a bid to lure international investment. In April, Pakistan introduced its first-ever policy framework to set rules for how digital money like cryptocurrencies and the companies that deal in it should operate in Pakistan. The policy has been formulated to align with compliance and financial integrity guidelines of the global Financial Action Task Force (FATF).
Last month, the government also approved setting up the Pakistan Virtual Assets Regulatory Authority (PVARA), a specialized regulatory body to oversee blockchain-based financial infrastructure. Saqib last week also unveiled the country’s first government-led strategic bitcoin reserve at the Bitcoin 2025 conference in Las Vegas.
“Both New York City and Pakistan have taken bold steps by establishing dedicated Crypto Councils to support the responsible growth of the digital economy,” a statement from Saqib’s office said after he met Adams.
“This meeting marked a key step toward building direct collaboration between the New York Crypto Council and the Pakistan Crypto Council— two government-backed bodies committed to shaping the future of Web3.”
Adams and Saqib explored opportunities to co-develop knowledge-sharing initiatives, capacity-building programs, and strategic advisory efforts to foster innovation and also discussed regulatory compliance.
“This event marked the final stop on Minister Saqib’s official US tour focused on blockchain innovation, public-private partnerships, and advancing global crypto collaboration. The meeting at Gracie Mansion offered a fitting conclusion— highlighting New York City’s pivotal role in global tech leadership and Pakistan’s emergence as a bold new voice in the digital asset space,” the statement said.
Late last month, Pakistan announced the allocation of 2,000 megawatts (MW) of electricity in the first phase of a national initiative to power bitcoin mining and artificial intelligence data centers. The allocation is the first phase of a broader, multi-stage digital infrastructure roll-out.
On Thursday, Pakistan’s Finance Minister Muhammad Aurangzeb chaired a meeting at the Finance Division to review progress on the development of a comprehensive regulatory framework for digital and virtual assets in the country.
The law ministry tabled a draft of the proposed legal framework during the meeting, which was developed through close collaboration with members of the PCC, key stakeholders and technical experts.
“During the meeting, the draft was thoroughly reviewed and refined,” the Finance Division said. “It was collectively agreed that in-principle approval process will be fast-tracked to ensure timely enactment and effective implementation.”
The draft legislation outlines a regulatory structure for digital and virtual assets, encompassing governance mechanisms, licensing protocols and investor protection provisions, the statement said. The proposed framework seeks to position Pakistan as a forward-looking participant in the digital asset ecosystem, the statement added.
US fund commits $10 million for startup investment initiative led by Pakistani tech leaders
- Mehwish Salman Ali, Malik Mudassir to receive $10 million to invest in high-potential startups planning to scale US operations
- Target investment range is $250,000 to $1.5 million per startup, portfolio size will be 15-20 carefully selected companies over 2 years
ISLAMABAD: The JR Dallas Tech Fund on Friday announced a “groundbreaking” $10 million commitment to globally recognized technology leaders, Pakistan’s Mehwish Salman Ali and Malik Mudassir, to spearhead an exclusive US-focused startup investment initiative.
Under the agreement, Ali and Mudassir will receive $10 million in dedicated capital to identify, evaluate, and invest in high-potential startups planning to scale operations in the United States. The duo will serve as lead investment partners with full authority to deploy capital across artificial intelligence, cloud computing, digital health, and frontier technology ventures.
“We are entrusting $10 million to two of the most visionary technology leaders of our generation,” said Jehangir A. Raja, Managing Partner at JR Dallas Tech Fund.
“Mehwish and Malik represent the perfect combination of technical expertise, entrepreneurial success, and strategic vision needed to identify the next generation of game-changing startups ready to conquer the American market.”
According to the statement by JR Dallas, economic impact projections of the funding include direct job creation, with portfolio companies expected to generate 300-500 high-skilled technology positions within 24 months.
The target investment range is $250,000 to $1.5 million per startup and focus areas are AI/Machine Learning, Cloud Infrastructure, Digital Health, Quantum Computing, Cybersecurity.
The portfolio size will be 15-20 carefully selected companies over 24 months.
The commitment will also strengthen Texas as a hub for international tech talent entering the US market and accelerate breakthrough technologies in AI, health care, and cloud infrastructure. Portfolio companies are also projected to contribute $50-100 million in US economic activity within three years.
Ali is the founder and CEO of Data Vault, Pakistan’s first solar-powered and quantum-encrypted AI data center, co-founder of Zahanat AI, the country’s first indigenous GPT model, and COO of AppsGenii Technologies.
As a TEDx speaker and Forbes Technology Council member, Ali’s track record in AI innovation, cybersecurity, and operational excellence “makes her uniquely qualified to identify transformative technologies ready for US market expansion,” JR Dallas said.
Mudassir is the founder & CEO of AppsGenii Technologies, operating across the US, UK, and Pakistan, and co-founder of multiple successful ventures including GharPar, BoxesGen, and Dental Connect. He is also a Central Executive Committee Member at P@SHA, Pakistan’s largest IT trade association.
Pakistan condemns Israeli airstrikes in Lebanon on eve of Eid Al-Adha
- Israeli strikes pummelled southern suburbs of Lebanon’s capital late on Thursday, sending thousands fleeing
- Israeli strikes also hit southern Lebanese village of Ain Qana shortly after evacuation warnings were issued for the area
ISLAMABAD: The government of Pakistan on Friday “unequivocally” condemned airstrikes by Israeli forces on Beirut’s suburbs and parts of southern Lebanon on the eve of the Eid Al-Adha religious holiday, the foreign office said.
Israeli air strikes pummelled the southern suburbs of Lebanon’s capital late on Thursday, sending thousands of people fleeing on the eve of the Muslim feast day and prompting accusations by top Lebanese officials that Israel was violating a ceasefire deal.
At least 10 strikes hit Beirut’s southern suburbs — a sprawling area known as Dahiyeh — in a wave of bombing that began about 90 minutes after the Israeli military issued evacuation warnings for four sites in the area.
It was the fourth time that Dahiyeh has been bombed since a US-brokered truce in November ended a year-long war between Israel and Iran-backed Lebanese armed movement Hezbollah.
“These attacks, launched on the eve of Eid Al-Adha, constitute a blatant violation of international law, sovereignty of Lebanon, and the ceasefire agreement of November 2024,” the Pakistani foreign office said.
“The reckless use of force threatens civilian lives, fuels regional instability, and undermines efforts for lasting peace.”
Pakistan urged the international community, particularly the United Nations and ceasefire mediators, to take “immediate action to hold Israeli occupying forces accountable and prevent further escalation.”
The Israel-Hezbollah ceasefire says Hezbollah must pull all military equipment and fighters out of southern Lebanon and says all non-state militant groups must be disarmed across the country.
The Israeli military said on Thursday it was planning to strike “underground UAV production infrastructure sites that were deliberately established in the heart of the civilian population” in Dahiyeh.
It said Hezbollah was producing thousands of drones there, “with the direction and funding of Iranian terrorists.”
There was no immediate comment from Hezbollah, which in the past has denied placing military infrastructure in civilian areas.
Israeli strikes also hit the southern Lebanese village of Ain Qana, according to Lebanese state media, shortly after evacuation warnings were issued for the area.
The attacks occurred as the Muslim holiday Eid Al-Adha was due to begin on Thursday. The strikes “generated renewed panic and fear on the eve of Eid Al-Adha,” the Office of the United Nations Special Coordinator for Lebanon said on X.
Lebanese President Joseph Aoun and Prime Minister Nawaf Salam both condemned the attacks as a “blatant violation” of international agreements.
With inputs from Reuters
