Major cricket will be played in Saudi Arabia for the first time when DP World International League T20 fixtures are staged there.
The UAE-based franchise league announced plans to expand its footprint around the region last season.
Having previously confirmed a link up with Kuwait, the organisers have now announced a “strategic partnership” with the Saudi Arabia Cricket Federation (SACF).
As per the terms of the deal, SACF has licensed the ILT20 as an official league “to host matches within the Kingdom of Saudi Arabia as part of the forthcoming seasons”.
In the recent past, plans have been mooted for Saudi Arabia to host a lucrative T20 league of its own, as well as host bilateral series between India and Pakistan.
The absence of grass cricket facilities in the country has meant those plans have yet to come to pass, with the political issues between the South Asian neighbours also hindering the latter.
However, the prospect of some of the world’s leading cricketers heading to Saudi Arabia to play has moved closer via the ILT20 deal.
The six-team franchise competition will begin its fourth season in December. All the matches of the forthcoming campaign are set to be played in Dubai, Abu Dhabi and Sharjah, but they hope to include other venues around the Gulf in future seasons.
“The milestone serves as another important step in DP World ILT20’s efforts to expand and enrich cricket across the Gulf region,” the league wrote in a statement announcing the link up.
“Through this partnership the DP World ILT20 will work closely with the [SACF] and its commercial arm, the Cricket Investment Company, on developing cricket in the country besides identifying and nurturing talent.”
Many cricket institutions have looked to Saudi Arabia for potential investment opportunities, with Aramco being a major sponsor of the ICC.
Rajasthan Royals, the Indian Premier League franchise, also have a partnership with Neom, the mega-project that is under construction in the far north west of the kingdom.
The Royals project includes promoting grassroots, tape-ball cricket among workers on the various projects that make up Neom.
They hope a consequence of that will be to help develop cricketers who could subsequently join the Saudi Arabian cricket set-up.
The national team have made notable progress in T20 international cricket in the recent past, under the guidance of Kabir Khan, the former UAE and Afghanistan coach.
As part of the ILT20 deal, those players will also have a direct pathway into the ILT20.
The league will stage its first player auction on Wednesday, ahead of the new season. Each of the six franchises will be required to sign at least one player from Saudi Arabia.
“Saudi Arabia is a key part of the Gulf region, and its commitment to developing cricket is inspiring,” Khalid Al Zarooni, the ILT20 chairman, said.
“This partnership is built on our shared vision of growing the game beyond borders. The DP World ILT20 will create opportunities for players and hopefully bring world-class cricket closer to the fans.”
Prince Saud bin Mishal Al Saud, the chairman of SACF, said he hopes the deal will help the league “expand across borders and become a catalyst for the growth of cricket in the Gulf region”.
“This collaboration reflects our commitment to developing cricket in the country and providing our players with opportunities to grow and succeed on an international stage,” he said.
“It also provides a platform for fan engagement within the kingdom and opens up further avenues for developing the game across infrastructure and tourism.
“With Saudi Arabia’s Vision 2030 placing strong emphasis on sport and community engagement, we believe this partnership will inspire more young men and women to take up cricket.
"[It] will play a vital role in the sport’s growth in the country as part of SACF’s strategy to enable the private sector within Saudi Arabia.”
As with the Kuwait partnership that was previously announced, the ILT20 will stage development tournaments in Saudi Arabia.
“The league will also help Saudi Arabia in cricketing infrastructure development.”
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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Citizenship-by-investment programmes
United Kingdom
The UK offers three programmes for residency. The UK Overseas Business Representative Visa lets you open an overseas branch office of your existing company in the country at no extra investment. For the UK Tier 1 Innovator Visa, you are required to invest £50,000 (Dh238,000) into a business. You can also get a UK Tier 1 Investor Visa if you invest £2 million, £5m or £10m (the higher the investment, the sooner you obtain your permanent residency).
All UK residency visas get approved in 90 to 120 days and are valid for 3 years. After 3 years, the applicant can apply for extension of another 2 years. Once they have lived in the UK for a minimum of 6 months every year, they are eligible to apply for permanent residency (called Indefinite Leave to Remain). After one year of ILR, the applicant can apply for UK passport.
The Caribbean
Depending on the country, the investment amount starts from $100,000 (Dh367,250) and can go up to $400,000 in real estate. From the date of purchase, it will take between four to five months to receive a passport.
Portugal
The investment amount ranges from €350,000 to €500,000 (Dh1.5m to Dh2.16m) in real estate. From the date of purchase, it will take a maximum of six months to receive a Golden Visa. Applicants can apply for permanent residency after five years and Portuguese citizenship after six years.
“Among European countries with residency programmes, Portugal has been the most popular because it offers the most cost-effective programme to eventually acquire citizenship of the European Union without ever residing in Portugal,” states Veronica Cotdemiey of Citizenship Invest.
Greece
The real estate investment threshold to acquire residency for Greece is €250,000, making it the cheapest real estate residency visa scheme in Europe. You can apply for residency in four months and citizenship after seven years.
Spain
The real estate investment threshold to acquire residency for Spain is €500,000. You can apply for permanent residency after five years and citizenship after 10 years. It is not necessary to live in Spain to retain and renew the residency visa permit.
Cyprus
Cyprus offers the quickest route to citizenship of a European country in only six months. An investment of €2m in real estate is required, making it the highest priced programme in Europe.
Malta
The Malta citizenship by investment programme is lengthy and investors are required to contribute sums as donations to the Maltese government. The applicant must either contribute at least €650,000 to the National Development & Social Fund. Spouses and children are required to contribute €25,000; unmarried children between 18 and 25 and dependent parents must contribute €50,000 each.
The second step is to make an investment in property of at least €350,000 or enter a property rental contract for at least €16,000 per annum for five years. The third step is to invest at least €150,000 in bonds or shares approved by the Maltese government to be kept for at least five years.
Candidates must commit to a minimum physical presence in Malta before citizenship is granted. While you get residency in two months, you can apply for citizenship after a year.
Egypt
A one-year residency permit can be bought if you purchase property in Egypt worth $100,000. A three-year residency is available for those who invest $200,000 in property, and five years for those who purchase property worth $400,000.
Source: Citizenship Invest and Aqua Properties
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