Pakistan’s top conglomerate says it is in talks with Saudi Arabian authorities to build a cricket stadium in the country
KARACHI: One of Pakistan’s leading conglomerates is in talks with Saudi Arabian authorities to build a cricket stadium and other sports facilities in the Kingdom, the group’s chairman said on Wednesday.
Cricket as a sport has become increasingly popular in Saudi Arabia in recent years, due in part to the large number of expatriates living there, particularly from India and Pakistan.
But since the Saudi Arabian Cricket Federation was established in 2020, the sport has exploded in popularity and a series of programs have been put in place to promote the sport in the country and prepare the national team to compete with the world’s best in the future.
Arif Habib, founder and chairman of Arif Habib Group, Pakistan’s leading conglomerate in services, real estate and manufacturing, said in February that Saudi Arabian authorities had expressed interest in building a cricket stadium in the country.
“Yes, the construction of a cricket stadium in Saudi Arabia is under discussion and we have had two meetings with Saudi Arabia, including a Zoom meeting with the ambassador,” Habib told Arab News at a media meet in Karachi.
He said Saudi authorities would first announce the location and plans for the stadium, adding that the group was also in talks to build other sports facilities at the stadium.
“There will be food and beverage establishments and a cinema there and we are in discussions with them,” Habib said.
He said the group has offered to develop the stadium just as it built one in Karachi’s Naya Nazimabad area. Habib said Saudi authorities are also interested in building football clubs, gyms and family clubs in the country.
Budget and taxes
Pakistan’s government is due to present its federal budget next week, and Habib urged authorities to avoid imposing new taxes, especially on the real estate sector.
Pakistani industrialists said the real estate sector has the highest share of tax revenue among other sectors at 15.25 percent, while the power generation and distribution sector has 15.09 percent, tobacco sector 13.71 percent and fertilizer sector 13.29 percent.
“The real estate industry is the second largest employer in the country and supports about 40 related industries,” he said.
He advised the government to boost economic activity, improve the tax collection system, increase revenue and balance income and expenditure.
At a separate press briefing in Karachi, an executive at Indus Motors, one of Pakistan’s major automakers, called on the government to introduce policy measures to reduce the number of used cars in the country.
“The share of used cars has increased by 28 percent this fiscal, causing losses of Rs 45 billion to local dealers,” Indus Motor Company Chief Executive Officer Ali Asghar Jamali told reporters.
Jamali said automakers have proposed in the federal budget to bring the Regulatory Duty (RD) and Additional Customs Duty (ACD) rates on used vehicles at par with those on CBU (completely built) vehicles.
It also proposes lowering the depreciation deduction rate on used vehicle income to 0.5%.
“Implementation of these proposals could result in an increase in revenue of up to Rs 52 billion in the automobile sector,” Jamali noted.
He said unrestricted imports of used cars were the “biggest obstacle” to reviving the domestic auto industry, not only threatening investment in the industry but also reducing government revenue.
Jamali said indefinite exemptions for used cars and misuse of the revenue system have pushed the local industry into crisis. Due to lax regulations, the average monthly revenue for used cars remained at 3,068 units from July to April, resulting in a fall of 2,633 units in monthly sales of locally manufactured vehicles, he said.
