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
Pakistan to witness more rains next week as Cyclone ASNA moves away from coastal regions
- The monsoon rains have so far claimed 285 lives across the country since July 1, according to the NDMA
- The meteorological department warns fishermen in Balochistan to stay away from the sea until tonight
ISLAMABAD: The National Disaster Management Authority (NDMA) has warned of more rain in different parts of the country from September 2 to 5, as the Pakistan Meteorological Department (PMD) announced Sunday the cyclonic storm ASNA had moved further away from the coastal regions and was expected to weaken gradually.
Pakistan has witnessed massive monsoon rains since the beginning of July, during which, according to the country’s disaster management body, 285 people were reported to have lost their lives by the end of this week.
The PMD also warned residents of Pakistan’s southern coastal areas of a possible cyclonic storm after the weather system developed over India’s Rann of Kutch before gaining intensity.
However, Chief Meteorologist Dr. Sardar Sarfaraz informed on Saturday the cyclone was moving toward Oman, though he noted it could still cause heavy rains and thunderstorms in Sindh and Balochistan provinces.
“National Emergencies Operation Center has anticipated that several regions in Pakistan are expected to experience moderate monsoon rains from 2nd to 5th September 2024,” the NDMA said in a statement.
It said that northeastern Punjab was likely to expect rainfall under the system along with the Potohar region, Khyber Pakhtunkhwa and Balochistan.
“General public is advised to avoid visiting the seaside and beach areas and remain cautious of loose structures like billboards, electrical poles, solar panels and hoardings,” it added.
The PMD also said in its weather alert that sea conditions were likely to remain rough with gusting wind going up to 80 kilometers per hours until Sunday night.
“Fishermen of Balochistan are advised not to venture in open sea till tonight while those of Sindh can resume their activities from today,” it said.
The PMD also said its cyclone monitoring center in Karachi was closely observing the weather system and would issue further updates about it.
Pakistan cuts petrol price by a meagre Rs1.8 per liter
- The South Asian country revises petroleum prices every fortnight
- Latest decrease unlikely to offer any relief to inflation-hit Pakistanis
ISLAMABAD: The Pakistani government has cut the price of petrol by Rs1.8 per liter, the information ministry announced late Saturday.
Pakistan revises petroleum prices every fortnight. After the latest revision, petrol will now cost Rs259.10 per liter.
The price of high-speed diesel went down by Rs3.32 to Rs262.75 per liter.
“The new prices will take effect from September 1, 2024,” the information ministry said in a statement.
The government also reduced the price of kerosene oil by Rs2.15 to Rs169.62 per liter, while light diesel oil went down by Rs2.97 to Rs154.05 per liter.
In Pakistan, petrol is mostly used in private transport, small vehicles, rickshaws and two-wheelers while any increase in the price of diesel is considered highly inflationary as it is mostly used to power heavy transport vehicles and particularly adds to the prices of vegetables and other eatables.
However, the negligible decrease in petrol and diesel prices is unlikely to provide much relief to the inflation-stricken Pakistanis.
Pakistan expects more jobs, higher exports as Chinese company plans renewable energy investment
- China’s Hexing Electrical is known for its presence in the global smart metering and energy management industry
- Its management plans to set up the first manufacturing unit of its kind in Pakistan to produce inverters, batteries
ISLAMABAD: A leading Chinese company has expressed interest in investing in Pakistan’s renewable energy sector by setting up an industry, said an official statement on Saturday, prompting a senior minister to observe the step will lead to greater employment opportunities and increase the country’s exports.
China’s Hexing Electrical is a reputable mid-sized company that was founded in 1992 and is primarily known for its presence in the global smart metering and energy management industry. The Chinese company has also expanded its business into the renewable energy sector and is involved in the manufacturing of technical equipment.
Its chairman, Liangzhang Zhou, met Pakistan’s minister for investment and privatization, Abdul Aleem Khan, along with his company delegation in the federal capital, Islamabad, to discuss the possibility of setting up the first manufacturing unit of its kind in the country to produce inverters and batteries.
The development comes nearly two months after Prime Minister Shehbaz Sharif went to China on a five-day visit where, apart from the political leadership, he met with representatives of Chinese companies operating in various economic sectors and encouraged them to invest in his country.
“The establishment of new factories will increase the rate of employment and export in the country and once again boost the national economy as well,” he was quoted as saying in a statement circulated by the ministry after the meeting.
Khan highlighted the investment potential in Pakistan, assuring the Chinese business delegation of full cooperation.
He also maintained that the establishment of factories in the electrical sector with foreign investment would serve as a precursor to the country’s economic development.
The chairman of the Chinese company said his organization was serving 90 countries with a workforce of 7,000, though it had only established such factories in 20 states around the world.
The governments in Islamabad and Beijing have already been working on infrastructure development and regional connectivity projects under the multibillion-dollar China-Pakistan Economic Corridor (CPEC).
The two countries hope the private sector will take the lead in the next CPEC phase and benefit from the planned industrial zones in Pakistan through business-to-business collaboration and investments.
Senior army officer, relatives released days after kidnapping in northwest Pakistan — military
- Lt Col Khalid Ameer was visiting ancestral village in Dera Ismail Khan for his father’s funeral when he was abducted
- Military says tribal elders played role in ‘safe and unconditional’ release of the officer and three of his relatives
KARACHI: A senior army officer and three of his relatives, who were kidnapped by unidentified gunmen in Pakistan’s northwestern Khyber Pakhtunkhwa (KP) province, safely returned to their home on Saturday, the Pakistani military said.
The army officer, Lt. Col. Khalid Ameer, was on a visit to his ancestral village in Kulachi area of the Dera Ismail Khan district for the funeral of his father, when he was abducted along with three other relatives on Wednesday, according to police.
In a statement issued late Saturday, the Inter-Services Public Relations (ISPR), the Pakistani military’s media wing, confirmed securing their “safe and unconditional” release.
“Safe and unconditional release of Lt Col Khalid Ameer and three of his other relatives has been secured due to role played by tribal elders and local notables,” the ISPR said. “All the abductees have safely returned home.”
The military statement had no mention of the kidnappers, but the northwestern Pakistani region has witnessed a surge in militant activities by the Tehreek-e-Taliban Pakistan (TTP) and other groups in recent months.
This month, two policemen were killed when a convoy of judges came under attack in the region, according to police. In February, 10 policemen were killed and six others injured in an attack on a police station in Dera Ismail Khan.
In April last year, Judge Shakirullah Marwat was abducted by unidentified kidnappers near a village at the junction of Tank and Dera Ismail Khan districts, but was recovered after a few days.
Pakistan has faced deadly attacks by the TTP since an uneasy, months-long truce with the group collapsed in November 2022.
Islamabad blames the latest surge in violence on neighboring Afghanistan, saying Pakistani Taliban militants have taken refuge there and run camps to train insurgents to launch attacks inside Pakistan.
Kabul says rising violence in Pakistan is a domestic issue of Islamabad and it does not allow militants to operate on its territory.
Islamabad police ban public gatherings in view of ‘elevated security concerns’
- The development comes a week before a rally by jailed former prime minister Imran Khan’s party in Islamabad
- Islamabad police say the restriction has been imposed to maintain public order and ensure safety of all citizens
ISLAMABAD: The Islamabad police have imposed a ban on public gatherings in the federal capital in view of “elevated security concerns,” Pakistani state media reported on Saturday.
The South Asian country has been witnessing a surge in militant attacks, including a string of coordinated assaults launched last Sunday that killed more than 50 people in the southwestern Balochistan province.
To prohibit any public gathering, the Islamabad police said they had imposed Section 144 of the Code of Criminal Procedure, a provision that allows authorities to prohibit assembly of four or more people.
“These restrictions are designed to maintain public order and ensure the safety of all citizens,” an Islamabad police spokesperson was quoted as saying by the state-run APP news agency.
The report did not specify how long the restriction would be in place.
The development also comes a week before a rally by jailed former prime minister Imran Khan’s Pakistan Tehreek-e-Insaf (PTI) opposition party in Islamabad on September 8. The rally was initially planned for July to build pressure for Khan’s release from prison following his arrest over a year ago, but the party had rescheduled it for August 22.
The PTI once again postponed the gathering this month after the Islamabad administration denied permission for the event, citing security threats and a lack of resources with security agencies.
The capital police urged the public to avoid participating in any “unauthorized” political activities that could disrupt the law-and-order environment, according to the APP report.
“We ask everyone to cooperate with these measures to help us maintain peace and security,” the police spokesperson said.
