How the Saudi Arabian Cricket Federation could have a major impact on the global game

The SACF has driven a rapid development of the sport in the Kingdom. (Twitter: @cricketsaudi)
Short Url
Updated 12 June 2023
Follow

How the Saudi Arabian Cricket Federation could have a major impact on the global game

  • Under the supervision of Prince Saud bin Mishal Al-Saud, the SACF has driven a rapid development of the sport in the Kingdom
  • The privatization initiative that has swept the nation’s football and other sports could benefit Saudi cricket as well

According to a survey conducted in 2008, 90 percent of International Cricket Council members were in favor of cricket being included in the Olympics.

In addition, the MCC World Cricket Committee, an independent research institution comprised of prominent cricketing figures, also supported the idea of cricket being included in the Olympics. However, 15 years later, the sport appears to be regressing in that respect, with the most recent World Cup featuring only 10 teams — compared to 14 teams in the 2011 and 2015 editions.

Today, the ICC has put forward a new revenue-sharing model for the 2024-27 cycle, which is set to be voted on at the organization’s July board meeting in Durban. Under the proposal, the 12 full members of the ICC would collectively receive 88.8 percent of the organization’s annual earnings, with the Board of Control for Cricket in India, or BCC, alone claiming 38.5 percent of the revenue. The remaining amount, which constitutes just over 10 percent, would be distributed among the ICC’s 94 associate members.

The proposed revenue model has been the subject of concern among several associate member boards, who have expressed their apprehension that the proposal heavily favors the powerhouses of cricket and could impede the progression of the sport.

While many associate members lack the resources and financial muscle to have a strong influence on ICC decisions, the Saudi Arabian Cricket Federation, or SACF, has the potential to make a significant impact.

Saudi Arabia has been investing heavily in sports as part of its broader Vision 2030. Purchases and partnerships have already been formed by the Kingdom in sports such as football, Formula One, LIV Golf, WWE and, unsurprisingly, cricket.

Under the supervision of Prince Saud bin Mishal Al-Saud, the SACF has been on a transformation, which in return has resulted in the development of cricket in Saudi Arabia. The chairman, Prince Saud bin Mishal Al-Saud, has formed strong relationships with various full member boards and high-profile international cricketers.

“We have developed great relationships with the ICC, ACC, successful international cricket boards and big cricketers,” he told Arab News.

The SACF raised the profile of the sport, invested in local talent, and created opportunities for players of all levels to compete. This resulted in the Saudi National Cricket team winning the inaugural ACC Men’s Challenger Cup 2023 in Bangkok and placing themselves on the map as a rising cricketing nation.

Furthermore, in February of last year, the Saudi Tourism Authority revealed its collaboration with the Indian Premier League — the most lucrative franchise-based cricket league. This was following Aramco’s alliance with the ICC, which includes sponsorship until the end of 2023.

These two agreements demonstrate the significance of cricket and how seriously it is taken by the Kingdom.

Saudi Arabia also made headlines around the world when the SACF teased for a proposed franchise-based cricket league, which the Guardian called “(potentially) the world’s most lucrative Twenty20 tournament.”

ICC Chairman Greg Barclay was also asked about the proposed league and was quoted as saying: “Given their advance into sport more generally, cricket would work quite well for Saudi Arabia. They’re pretty keen to invest in sport and given their regional presence, cricket would seem a pretty obvious one to pursue.”

Last week, Crown Prince Mohammed bin Salman introduced a new initiative in Saudi Arabia aimed at promoting private investment in the sports industry, with a focus on developing national teams and regional sports clubs.

This project was set in motion by the privatization of four major football clubs and is expected to have a ripple effect on other sports. Saudi cricket, which has already hinted at the creation of a franchise-based league, is poised to benefit greatly from the government’s efforts to increase commercialization within the sport.

Having all this leverage, it would only make sense for the SACF to make a noteworthy impact at the upcoming ICC board meeting. Having established partnerships with key players such as boards, players and teams, the support from the cricket community could translate into influence over decisions made by the ICC.

On the other hand, it could be argued that the SACF may face an uphill battle while increasing their impact over the game. The ICC is currently dominated by countries with strong cricketing traditions such as India, England and Australia. As a relatively new player in the cricket world, Saudi Arabia may find it difficult to break into this elite group and establish a significant influence.

The “Big Three” — India, Australia, and England — have been dominating decision-making about the sport for the past decade. In 2014, these three cricket boards proposed a controversial plan that gave them greater decision-making powers and a larger share of the ICC revenue.

Critics of the plan argued that this was an unfair distribution of resources and would further widen the gap between rich and poor cricketing nations. Due to lack of transparency as well as other concerning factors, the plan was ultimately rejected by the ICC in 2016.

The controversy surrounding the plan highlighted a need for fairness and equality in the governance of cricket. Today, an associate member — Saudi Arabia, finds itself in a position that is unprecedented in the history of cricket.

Ultimately, the extent to which the SACF chooses to make their voices heard depends on their leadership and their long-term goals. However, there is no doubt that today Saudi Arabia is a major stakeholder in the cricketing world.


Turkiye says France must take back its militants from Syria

Updated 2 min 13 sec ago
Follow

Turkiye says France must take back its militants from Syria

  • Ankara is threatening military action against Kurdish fighters in the northeast
  • Turkiye considers the Kurdish-led Syrian Democratic Forces as linked to its domestic nemesis

ISTANBUL: France must take back its militant nationals from Syria, Turkiye’s top diplomat said Friday, insisting Washington was its only interlocutor for developments in the northeast where Ankara is threatening military action against Kurdish fighters.
Foreign Minister Hakan Fidan insisted Turkiye’s only aim was to ensure “stability” in Syria after the toppling of strongman Bashar Assad.
In its sights are the Kurdish-led Syrian Democratic Forces (SDF) which have been working with the United States for the past decade to fight Daesh group militants.
Turkiye considers the group as linked to its domestic nemesis, the Kurdistan Workers Party (PKK).
The PKK has waged a decades-long insurgency in Turkiye and is considered a terror organization by both Turkiye and the US.
The US is currently leading talks to head off a Turkish offensive in the area.
“The US is our only counterpart... Frankly we don’t take into account countries that try to advance their own interests in Syria by hiding behind US power,” he said.
His remarks were widely understood to be a reference to France, which is part of an international coalition to prevent a militant resurgence in the area.
Asked about the possibility of a French-US troop deployment in northeast Syria, he said France’s main concern should be to take back its nationals who have been jailed there in connection with militant activity.
“If France had anything to do, it should take its own citizens, bring them to its own prisons and judge them,” he said.


Sowter, Hose shine for Desert Vipers in warm-up match against Gulf Giants ahead of DP World ILT20 start

Updated 31 min 33 sec ago
Follow

Sowter, Hose shine for Desert Vipers in warm-up match against Gulf Giants ahead of DP World ILT20 start

  • Vipers’ win sees team easily surpass Giants’ total of 125 at the ICC Academy in Dubai

DUBAI: Ahead of their opening match of the DP World ILT20  against the Abu Dhabi Knight Riders on Sunday, the Desert Vipers produced an impressive performance against the Gulf Giants in a warm-up match played at the ICC Academy in Dubai.

The Giants batted first and were bowled out for 125,  a target the Vipers chased down with ease to the extent that the two sides’ head coaches, James Foster of the Vipers and the Giants’ Andy Flower, agreed on a new target of 186. The Vipers fell just three runs short of that mark, but it was still an encouraging display

The Vipers bowling was highlighted by Nathan Sowter’s four for eight, while Dhruv Parashar and David Payne contributed with two wickets apiece. Speaking with the Vipers Voices podcast after the match, Sowter said he was pleased with what he delivered in match conditions.

“Yes, it was obviously a great start and it was nice to get a few wickets,” he said. “I was happy with how they came out and I hit my lengths quite well. It is nice to get a win for the boys and get the feeling of how we want the competition to go.”

Speaking about bowling in partnership with UAE finger-spinner Dhruv Parashar, Sowter said the duo worked well together and also used their time together after time in the field to discuss strategy ahead of the main competition.

“I think they (Gulf Giants) got off to a good start, and then we kind of just pegged them back a little bit. And then we started getting wickets and it happened quite quickly. I think we took maybe six wickets in three overs there.

“So, it put a bit of sting in the tail and that was nice. Dhruv bowled really well and we have had a few conversations after, about how we can go about things through the competition as well, either if we play together or if Dhruv plays with (Wanindu) Hasaranga.

“It is good to have those conversations because you can have days like this where you can learn a lot more than just getting a few wickets.”

Sowter added that he felt pleased with how preparations have gone ahead of Sunday’s opening encounter with the Abu Dhabi Knight Riders.

“It is going well,” he said. “I think the Vipers’ mantra is you get what you need (at training) and you get out of there.

“So, I think the boys are building up really nicely. I think, for myself, it is about making sure you do not overdo it. But you do not want to underdo it as well. And I think the coaching staff here give you a great mix of that and they allow you to take control of your own cricket. I think that helps players a lot, or it does help me a lot, to just pick and choose when I need to do what or how much I need to do.

“I feel like we have got a good mix of players who know each other, and have played a lot of cricket against each other or with each other. So, I think we will be all right going forward.”

Meanwhile on the batting side of things, Adam Hose was top scorer for the Vipers with 47 from 23 balls, including four fours and three sixes, and said he was glad to have put on a good show.

“Yes, it was a nice start to it, from a personal and a team’s perspective,” he said. “I think it is always tough to gauge where you are at, especially since I have not been here (in the UAE) too long.

“We have had a couple of really good outdoor sessions, but having not played much (after the English domestic season) prior to this competition, it is always fairly tough to know where you are.

“I think I just gave myself a little bit of a chance, faced a few balls, and then I felt like I got into my work, started picking the ball up early and seeing the length. Fortunately, a few came out the middle of the bat tonight.”

Hose was the Vipers’ top scorer last year in a pre-tournament practice match against the Dubai Capitals, but that came off the back of time in Australia at the Big Bash League with the Adelaide Strikers.

This time, the build-up has involved rest and reflection for the player, and he said he thought it had been a positive for him.

“(I am here) off the back of a little bit of time off back in England for New Year and Christmas which, to be honest with you, was really nice.

“I have just tried to focus, especially in the last two days, on the basics of what I know works well for me — that is having a good, strong base, tracking the ball for as long as possible and being as still as possible.

The Desert Vipers’ first match of the 2025 DP World ILT20 is on day two of the tournament, against the Abu Dhabi Knight Riders at Zayed Cricket Stadium in Abu Dhabi.


Saudi PIF on track to reach $2tn in AuM, 2nd-largest globally by 2030

Updated 48 min 9 sec ago
Follow

Saudi PIF on track to reach $2tn in AuM, 2nd-largest globally by 2030

RIYADH: Saudi Arabia’s Public Investment Fund is set to be ranked second among the world’s sovereign wealth bodies by 2030 with $2 trillion in assets under management, according to monitoring organization Global SWF.

A report from the firm forecasts PIF will more than double its current AuM value of $925 billion by the end of the decade, and rise from its 2024 ranking of sixth among global state-owned investor funds.

According to projections from the institute, PIF’s AuM in 2030 will represent 10.5 percent of the global sovereign wealth funds’ total assets, which are set to reach $19 trillion, as it rises from sixth place

Diego Lopez, founder and managing director at Global SWF, said: “Capital attracts capital — so international financial institutions are attracted in partnering with a player with such a huge balance sheet and role in the economic development.”

According to the report, to achieve its ambitious goal of reaching $2 trillion by 2030, the PIF will depend on a combination of strategies. These include oil revenue allocations, which refer to the portion of the Kingdom’s oil earnings transferred to the PIF, debt issuance, and returns generated from its investments.

“Saudi Arabia needs to make its capital base sustainable, diversified and resilient to lower levels of oil prices,” Lopez told Arab News.

“That means raising debt, as PIF has been doing, and eventually raising equity through subsidiaries that can act as asset managers — we see this working very well in Abu Dhabi with Mubadala Capital, Lunate, etc,” he added.

According to the report, the PIF’s 10-year annualized return from 2013 to 2022 stood at 6.9 percent, outperforming the sovereign wealth fund average of 5.7 percent annually.

In 2024, the global economy showed resilience despite geopolitical risks and market uncertainties, with global GDP growth projected at 3.2 percent, slightly improving to 3.3 percent in 2025, according to the OECD.

The International Monetary Fund forecasts a subdued five-year outlook of 3.1 percent, reflecting weaker growth in China, Latin America, and the EU. Developed markets are facing slower growth due to tightening monetary policies, while developing economies maintain greater stability.

Central banks, led by the US Federal Reserve, began easing rates in 2024, responding to reduced inflationary pressures. According to the report, as the global economy adapts, sovereign wealth funds are increasingly focused on capital preservation and stimulating foreign direct investment, with those in the Middle East and North Africa region entering a new phase of growth.

Saudi Arabia offers robust economic expansion fueled by diversification initiatives and ambitious mega-projects like NEOM, the Red Sea Project, and Qiddiya.  

PIF’s investments are strategically positioned to capitalize on these high-growth areas, making it a gateway for investors seeking exposure to dynamic emerging market opportunities.

GCC sees greater international attention

According to the report, global sovereign wealth funds have, for the first time, surpassed $13 trillion in assets under management, with capital heavily concentrated in two key regions — the Gulf Cooperation Council, holding 38 percent of the total, and Southeast Asia at 10 percent.

Interest in these powerful global investors remains strong, the report said, drawing heightened international attention to the GCC, a region with fewer than 60 million residents.

Previously named the “Region of the Year” by Global SWF, the GCC has seen a wave of global asset managers and bankers establishing local offices to capitalize on burgeoning opportunities. According to the report, the GCC-Southeast Asia axis is expected to continue driving growth across the sovereign wealth landscape.

PIF represented 7.11 percent of MENA’s sovereign wealth funds’ AuM, with assets totaling $925 billion. 

Leading the rankings is Abu Dhabi Investment Authority at $1.11 trillion, followed by Kuwait Investment Authority with $969 billion.

Global sovereign wealth fund investments totaled $136.1 billion across 358 transactions in 2024. The “Oil Five” — ADIA, ADQ, PIF, QIA, and Mubadala — maintained their dominance, together accounting for 60 percent of the total investment value, amounting to $82 billion. As a result, they secured positions among the top 19 dealmakers of the year.

This marks a significant rise from $74 billion in both 2023 and 2022, $41 billion in 2021, $39 billion in 2020, and $28 billion in 2019, reflecting the accelerating investment momentum of these sovereign wealth giants.

While some Gulf sovereign wealth funds leaned toward emerging markets, including their domestic economies, developed markets remained the dominant choice for most global sovereign investors.

Saudi Arabia’s PIF, Abu Dhabi’s ADQ, and Qatar’s QIA exhibited a preference for emerging markets, reflecting their strategic focus on regional and high-growth economies.

PIF investments

According to the report, a significant factor driving the PIF’s growth is its projected boost in domestic spending to $70 billion annually by 2025.

The fund’s investment strategy is focused on high-growth sectors, including infrastructure, digitalization, AI, and renewable energy.

Among the top 15 largest global investments by sovereign wealth funds in 2024 was PIF’s $3 billion acquisition of a 51 percent stake in Saudi Arabia’s TAWAL and $2.16 billion of a 40 percent stake in Selfridges in the UK.

Other significant investments for the PIF include a 15 percent stake in Heathrow Airport for $1.8 billion.

According to the institute, the largest deals are consistently pursued by a select group of funds known for their substantial firepower and risk appetite. This group includes the top 10 spenders, with the GCC’s “Big 5” leading the way.

Mubadala emerged as the leading sovereign investor in 2024, deploying $29.2 billion across 52 deals, a 67 percent increase from the previous year. It was followed by GIC at $26.6 billion, CPP with $21.1 billion, PIF at $19.9 billion, and ADIA at $17.1 billion.

PIF has also ventured into artificial intelligence and space, co-investing in Databricks and launching Neo Space Group to advance Saudi Arabia’s satellite industry.

These initiatives reflect the fund’s commitment to positioning Saudi Arabia as a leader in global digital and technological innovation.

PIF saw a 24 percent decline in its US equity portfolio, the report said. At the beginning of 2024, the fund sold shares in 18 companies worth nearly $13 billion, including pandemic-era investments like gaming giant Activision Blizzard, cruise leader Carnival, and entertainment company Live Nation, which yielded strong returns.

According to Lopez: “The sale of the listed equities was about monetizing a huge upside from their purchase during covid, rather than about decreasing the overseas portfolio.”

The expert noted the importance to recognize that while PIF’s domestic portfolio may be growing relative to its international holdings, the overall assets under management continue to expand, with significant investments being made outside the Kingdom.

PIF has also made significant investments in the electric vehicle sector, despite facing challenges with earlier ventures.

In 2019, PIF divested from Tesla but doubled down on Lucid Motors, placing a major bet on the EV manufacturer.

This strategic move has required substantial funding, including $2.8 billion in 2024 alone. Despite the financial commitment, PIF remains focused on its long-term vision for Saudi Arabia, supporting Lucid’s growth with a manufacturing facility in King Abdullah Economic City.

In January, Lucid Motors became the first global automotive company to join the Kingdom’s “Made in Saudi” program, reinforcing the country’s push to strengthen its industrial capabilities.

The program also supports Vision 2030’s goals of attracting investments, boosting non-oil exports, and creating sustainable jobs, while positioning Saudi Arabia as a hub for innovation and manufacturing in the EV sector.

PIF’s debt financing

On Jan. 6, PIF announced the completion of its inaugural $7 billion murabaha credit facility, supported by a syndicate of 20 international and regional financial institutions.

This Shariah-compliant financing structure is part of the fund’s medium-term capital raising strategy, aimed at diversifying its funding sources to support transformative investments both globally and within Saudi Arabia.

According to another report published by Global SWF in January, PIF’s use of debt financing mirrors a growing trend among sovereign wealth funds and public pension funds, which have raised around $700 billion over the past two decades.

Despite strong credit ratings from Moody’s and Fitch, PIF faces pressure from surging domestic investment in giga-projects like NEOM and Qiddiya, with annual funding needs expected to rise from $40 billion in 2023 to $70 billion by 2025.

Sustaining investor confidence will depend on its ability to manage financial obligations and execute Vision 2030 goals.

While markets currently support PIF’s sovereign-backed debt, delays or disruptions could strain resources and affect its ambitious agenda, making its financing strategy critical for both national economic transformation and global sovereign investment trends.

However, PIF’s diversified funding strategy, coupled with its ability to attract global partnerships, positions it as a transformative force capable of reshaping Saudi Arabia’s economic future and reinforcing its role as a leading driver of global investment innovation.


Tajikistan bets on giant dam to solve electricity crisis

Updated 10 January 2025
Follow

Tajikistan bets on giant dam to solve electricity crisis

  • Tajikistan is reviving the colossal project, first planned by Soviet authorities in 1976, before being abandoned due to the end of communist rule
  • The plant will not only generate enough power to use domestically, but could supply other Central Asian countries and even Afghanistan, Pakistan

ROGUN: In a remote village in Tajikistan’s soaring mountains, Muslikhiddin Makhmudzoda relies on a mobile phone to light his modest home as his family spends another winter without electricity.
Makhmudzoda’s three children and wife were sitting huddled together to share the phone’s flashlight in their modest brick home.
A shortage of water needed to fuel hydroelectric plants has led to serious power outages in Tajikistan, a poor former Soviet republic nestled in the Central Asian mountains and surrounded by Afghanistan, China, and fellow ex-Soviet states Uzbekistan and Kyrgyzstan.
The power crisis is only set to worsen, as Central Asia is hard-hit by climate change.
Amid chronic shortages, Tajikistan has promised it will end the power outages and has revived a Soviet-era mega-project to build the world’s highest dam.
Makhmudzoda’s family spend much of their day without power.
“We have electricity from 5:00 am to 8:00 am and then from 5:00 p.m. until 11:00 pm,” the 28-year-old said.
To cope with intermittent power supplies, the family resorts to using a charcoal stove for heating — a risky choice, since many Tajiks die from carbon monoxide poisoning each year caused by such appliances.
Every year, the impoverished country’s state electricity company Barqi Tojik restricts power supplies starting in September to prevent the system’s collapse during the coldest months.
It says this is an “inevitable measure” as demand has skyrocketed.
Since the fall of the Soviet Union in 1991, the small country’s population has doubled to 10 million, with economic growth steady at around eight percent after decades of stagnation.
The rationing is also due to falling water levels in reservoirs used to drive turbines in hydroelectric power plants, which provide 95 percent of Tajikistan’s electricity.
Authorities say “feeble rainfall” means that water levels in the country’s biggest river — the Vakhsh — are low.
“Every centimeter of water counts,” Barqi Tojik has warned, urging Tajiks to pay their bills to renovate aging infrastructure.
The average salary in Tajikistan hovers around $190 (180 euros) a month.
But the government is now promising that all these inconveniences will soon be a thing of the past thanks to the construction of a massive dam and plant.
Tajikistan has placed its bets on Rogun, planned to become the most powerful hydropower plant in Central Asia. It is set to have the highest dam in the world at 335 meters (1,100 feet).
When completed, the plant is intended to produce some 3,600 megawatts — the equivalent of three nuclear power stations.
Tajikistan is reviving the colossal project, first planned by the Soviet authorities in 1976, before being abandoned due to the end of communist rule and then the Tajik civil war.
At the site, dozens of bulldozers go up and down the mountains and dozens of kilometers of underground tunnels are equipped with giant turbines.
Some 17,000 people are working on the site which lies west of the capital Dushanbe, in the foothills of the Pamir Mountains.
The site is already partially functioning but it is not known when construction will be finished.
Giant banners showing President Emomali Rahmon — in power for 32 years — hang over the construction site.
Rahmon has stressed the importance of the dam, calling it a “palace of light,” the “pride of the Tajik nation” and the “construction project of the century.”
Surrounded by giant machinery, engineer Zafar Buriyev said he was certain the dam would end power cuts.
“Once the construction at Rogun is finished, Tajikistan will completely come out of its electricity crisis,” he told AFP.
He stood in what he called “the heart of the dam” in between giant peaks.
“By next summer, this area will be submerged and the water will reach an altitude of 1,100 meters and then eventually 1,300.”
Authorities have said the plant will not only generate enough electricity to use domestically, but could supply other Central Asian countries — and even nearby Afghanistan and Pakistan.
Water resources have long been a source of tension between Central Asian countries as they suffer shortages.
The plant’s technical director Murod Sadulloyev told AFP it will help “reinforce the unified energy system” in Central Asia — a concept dating back to the USSR that enables the former Soviet republics to exchange water and electricity.
Tajikistan’s neighbors are also working to revive Soviet-era energy projects.
Kyrgyzstan and Uzbekistan have pledged to build the Kambar-Ata hydroelectric power plant jointly in a mountainous area of Kyrgyzstan.
Tajikistan’s Rogun project has been criticized for its constantly rising cost — currently more than $6 billion — and its environmental impact, while information on Kambar-Ata has been classified as secret.
The Central Asian power plants are being built in the context of dire climatic realities.
According to the UN, Central Asia is “warming more rapidly than the global average.”


Kyiv begins mass operation to seal borders for draft evaders

Updated 10 January 2025
Follow

Kyiv begins mass operation to seal borders for draft evaders

  • Kyiv has been driving a large-scale mobilization campaign for months to boost its military
  • Mobilization has spurred panic among Ukrainian fighting-aged men and has seen thousands flee

KYIV: Ukrainian police said Friday they were conducting hundreds of raids nationwide to shut down routes used by military-aged men to flee the country to avoid military service.
Kyiv has been driving a large-scale mobilization campaign for months to boost its military, which is struggling to hold back Russia’s significantly larger army that is advancing in the east of the country, nearly three years after Moscow invaded.
The divisive campaign has spurred panic among Ukrainian fighting-aged men and has seen thousands flee the country illegally toward Europe, sometimes utilising dangerous smuggling routes over mountains or rivers.
“More than 600 simultaneous searches are being conducted by the SBU (Security Services of Ukraine) operatives and National Police investigators,” police said in a statement.
“This is only the first stage of a special operation to block the channels of trafficking of men of military age abroad,” it added.
It said that the operation was primarily targeting the organizers of schemes that aid draft evaders to illegally cross the Ukrainian border. It said it would provide more information on the operation soon.
Police said “criminals” had helped hundreds of people cross the border via illegal routes and that the operation was being conducted across the country.
“Details of the operation will be made public after all investigative actions are completed,” the statement added.
Kyiv has been battling problems with systemic corruption within its military mobilization infrastructure since the beginning of Russia’s invasion in February 2022.
Late last year, Ukrainian former prosecutor general Andriy Kostin resigned after a probe uncovered a large-scale corruption scheme that apparently provided military draft exemptions for government officials.
That followed a decision by Ukrainian President Volodymyr Zelensky to fire the heads of regional draft offices.