Riyadh Season is fast becoming an all-year-round affair for fight fans.
The festival, started in 2019 and held in the winter months to promote arts, culture and entertainment in Saudi Arabia, is now famous for one thing above all else – big-time boxing.
For several years the kingdom has been rolling out the red carpet and writing the cheques required to lure major fights on to Saudi soil.
But on August 3, at the BMO Stadium in Los Angeles, the Riyadh Season brand went on tour for the first time as pound-for-pound great Terence Crawford headlined a stacked card described stateside as the best in a generation.
The next stop is London for another Saudi roadshow on September 21, when Anthony Joshua takes on Daniel Dubois at the top of another card so deep that Wembley may appear unusually full long before the sun recedes behind those vast red stands.
By planting a flag on America’s west coast, and also in the English capital, the Saudi boxing project has entered a dynamic new phase in its development.
It’s one thing to host an event in Riyadh – it’s entirely another to venture into two of boxing’s traditional heartlands and open for business.
It raises the question as to what the end game is, what the future might look like should the kingdom maintain interest and fully commit to boxing as part of its aggressive pursuit of opportunities in the sporting arena, including hosting the 2034 Fifa World Cup.
And unlike golf, for example, where LIV encountered an orderly and robust sport at least partially resistant to change, boxing is ripe for a takeover.
Fragmented and devoid of governance, boxing has for years been banished to the fringes of the market, in desperate need of investment, leadership and structure.
With no overarching framework, it has been left to rival promoters, each with their own stable of fighters and TV deals, to jostle for position, with precious little cross-promotional business being done.
Sanctioning bodies exist, but only to provide nominal rankings and attach gravitas to bouts in the form of shiny championship belts in return for a piece of the action.
The man leading the Saudi surge into prizefighting is Turki Alalshikh, chairman of the General Entertainment Authority, advisor to Crown Prince Mohammed bin Salman, and a lifelong fight fan who understands its enduring appeal.
"We are committed to the long-term success of this industry, prepared to navigate challenges as we work towards our goal," Alalshikh told ESPN earlier this year.
"We will collaborate with all stakeholders to advance boxing and optimise the market. For that, everyone understands that we're taking this very seriously. There is a big opportunity in boxing. But you must improve the market. You must fix all the problems."
In the short time that Alalshikh has played an active role, his achievements as a galvanising force are already significant. In February, The Independent placed him at number one when ranking the most influential figures in combat sports.
His presence – and the financial clout behind him – has turbocharged the heavyweight division, including the crowning of Oleksandr Usyk as its first undisputed champion in 25 years.
Then there’s the healing of the promotional fault-line that had run through British boxing for decades. The enmity between the Hearns and the Warrens was such that they’d loathe to mention the other by name, let alone do business. Yet, by Saudi design, last summer we got ‘Queensbury v Matchroom’ as the two families pitted their fighters against each other.
And, if the dream is that boxing should be a meritocracy free from promotional rifts, then there was poetic justice in Crawford headlining in Los Angeles. The brusque Nebraskan is the outstanding American fighter of his generation but has spent much of his career starved of worthy opposition having been outside the orbit of Al Haymon’s Premier Boxing Champions (PBC).
Amid the excitement generated by the sudden flow of big fights, it’s probably gone under the radar somewhat that Alalshikh has concluded partnerships with US outfits Top Rank and Golden Boy to build upon existing relationships with Matchroom and Queensbury, effectively aligning the sport’s major promoters – with the exception of the PBC – although initial meetings are said to have taken place.
The Top Rank deal alone has scope to sponsor 12 cards annually, while partnerships have also been sealed with the WBA and WBC, the two most established of the sanctioning bodies.
Alalshikh says the logical next step is to consolidate with a preferred broadcast partner, and he believes the streaming platform Dazn is leading the race.
“I think the situation with boxing between last year and this year is different, now is much better because of what Riyadh Season is pushing to do,” he said on X Spaces on August 15.
“But for boxing’s future, it needs to be on one platform with big fights. This is the only way to get boxing in the top five [sports] again.
“My favourite [broadcaster] is who deserves it, and who focuses on the boxing. It doesn’t matter about the name. Whoever is focused on boxing and puts it at the top level, we will go with.
“Dazn is doing great work and I think if Dazn is focused 100 per cent on boxing they can change the game. They support us greatly, respect us, they deliver the job and I like them. Also, I like Sky, I like TNT, I like everyone. But Dazn is focusing with us and supporting us now. They have the potential to be the home of boxing if they want.”
Matchroom and Golden Boy are already partnered with Dazn, while Top Rank’s existing deal with ESPN and Queensbury’s contract with TNT Sports both expire in 2025. Queensbury are already reported to have held fruitful talks with Dazn.
Boxing, it seems, is moving towards becoming a more integrated and coherent product as Saudi Arabia's influence grows stronger. What comes next will be fascinating to watch unfold as such uniformity would be uncharted territory, and might even provide an opportunity to fix some of the problems Alalshikh mentioned.
A major rebrand, fewer weight classes, substantive rankings and a ruthless cull of superfluous title belts could all enhance the sport's appeal. With 17 divisions and four recognised sanctioning bodies there can be anything up to 68 world champions at any given time, and that’s before you invoke terms like regular, interim or recess. A streamlined system to cut through this morass of meaningless trinkets would bring some much-needed clarity while also restoring prestige to the designation 'world champion'.
Rumours of a full Saudi takeover have circulated throughout the summer with Reuters reporting in June that the nation’s sovereign wealth fund, the PIF, is prepared to meet the cost of codifying the fractured sport. Whether that is the ultimate aim or not remains to be seen, but it looks as though Alalshikh has already begun piecing the jigsaw together.
Responding to that news, Matchroom boss Eddie Hearn said: "Some of what was reported had substance, some of what was reported didn’t. I think His Excellency’s plans for the sport are incredibly exciting, incredibly ambitious and also very smart. I think he sees a world where boxing can come together to make the best fights more consistently, which would be tremendous news for the sport and tremendous news for fight fans."
As for the immediate future, the big Riyadh Season cards keep coming, with September’s London show swiftly followed by an October 12 card in the Saudi capital headlined by the rescheduled light-heavyweight undisputed bout between Dmitry Bivol and Artur Beterbiev. After that, 2024 will conclude with the heavyweight title rematch between Usyk and Tyson Fury on December 21. Another major card is expected to land in the kingdom on February 22, 2025.
More shows on foreign soil are also in the pipeline with Alalshikh saying a card in China, likely featuring the heavyweight Zhilei Zhang, is “50-50” for December. He says Japan, Australia and Germany have also been identified as destinations, while it’s his dream to “do something big in Africa for all the people there”.
Mexico is also a priority, and Alalshikh insists that despite a public falling out, the door remains open for this generation’s greatest Mexican fighter to come into the fold.
Saul ‘Canelo’ Alvarez has been critical of the Saudi boxing boom, and Alalshikh – who revealed that months of negotiations with Alvarez had already ended in failure – responded with a withering attack of his own, accusing the super-middleweight champion of taking “easy, show-only fights”.
Alvarez has been widely criticised for his risk-averse choice of opponents, especially for his upcoming bout with rank outsider Edgar Berlanga on Saturday night. Like most fight fans, Alalshikh wants to see him face David Benavidez in a compelling match-up he has so far shunned or priced himself out of.
“We are looking with respect at all the fighters. We want to do the big events and the big fights. It’s not happened before for a lot of reasons but my door is open to all the fighters, so let’s see,” said Alalshikh.
“It is nothing personal, it is business. I like to see a [fight] against Crawford and I like to see it against Benavidez. Nothing is impossible. Let’s see in the future what happens.
“If someone can do it, then it is Riyadh Season."
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.”
World Series
Game 1: Red Sox 8, Dodgers 4
Game 2: Red Sox 4, Dodgers 2
Game 3: Saturday (UAE)
* if needed
Game 4: Sunday
Game 5: Monday
Game 6: Wednesday
Game 7: Thursday
Company%20profile
%3Cp%3E%3Cstrong%3ECompany%3A%20%3C%2Fstrong%3EWafeq%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EJanuary%202019%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3ENadim%20Alameddine%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%2C%20UAE%3Cstrong%3E%3Cbr%3EIndustry%3A%20%3C%2Fstrong%3Esoftware%20as%20a%20service%3Cbr%3E%3Cstrong%3EFunds%20raised%3A%20%3C%2Fstrong%3E%243%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3ERaed%20Ventures%20and%20Wamda%2C%20among%20others%3C%2Fp%3E%0A
What is an FTO Designation?
FTO designations impose immigration restrictions on members of the organisation simply by virtue of their membership and triggers a criminal prohibition on knowingly providing material support or resources to the designated organisation as well as asset freezes.
It is a crime for a person in the United States or subject to the jurisdiction of the United States to knowingly provide “material support or resources” to or receive military-type training from or on behalf of a designated FTO.
Representatives and members of a designated FTO, if they are aliens, are inadmissible to and, in certain circumstances removable from, the United States.
Except as authorised by the Secretary of the Treasury, any US financial institution that becomes aware that it has possession of or control over funds in which an FTO or its agent has an interest must retain possession of or control over the funds and report the funds to the Treasury Department.
Source: US Department of State
Your rights as an employee
The government has taken an increasingly tough line against companies that fail to pay employees on time. Three years ago, the Cabinet passed a decree allowing the government to halt the granting of work permits to companies with wage backlogs.
The new measures passed by the Cabinet in 2016 were an update to the Wage Protection System, which is in place to track whether a company pays its employees on time or not.
If wages are 10 days late, the new measures kick in and the company is alerted it is in breach of labour rules. If wages remain unpaid for a total of 16 days, the authorities can cancel work permits, effectively shutting off operations. Fines of up to Dh5,000 per unpaid employee follow after 60 days.
Despite those measures, late payments remain an issue, particularly in the construction sector. Smaller contractors, such as electrical, plumbing and fit-out businesses, often blame the bigger companies that hire them for wages being late.
The authorities have urged employees to report their companies at the labour ministry or Tawafuq service centres — there are 15 in Abu Dhabi.
The%20specs%20
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.0-litre%204cyl%20turbo%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E261hp%20at%205%2C500rpm%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E400Nm%20at%201%2C750-4%2C000rpm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E7-speed%20dual-clutch%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E10.5L%2F100km%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh129%2C999%20(VX%20Luxury)%3B%20from%20Dh149%2C999%20(VX%20Black%20Gold)%3C%2Fp%3E%0A
NBA Finals results
Game 1: Warriors 124, Cavaliers 114
Game 2: Warriors 122, Cavaliers 103
Game 3: Cavaliers 102, Warriors 110
Game 4: In Cleveland, Sunday (Monday morning UAE)
The specs
Engine: 2.0-litre 4-cylturbo
Transmission: seven-speed DSG automatic
Power: 242bhp
Torque: 370Nm
Price: Dh136,814
Five personal finance podcasts from The National
To help you get started, tune into these Pocketful of Dirham episodes
·
Balance is essential to happiness, health and wealth
·
What is a portfolio stress test?
·
What are NFTs and why are auction houses interested?
·
How gamers are getting rich by earning cryptocurrencies
·
Should you buy or rent a home in the UAE?
LAST-16 FIXTURES
Sunday, January 20
3pm: Jordan v Vietnam at Al Maktoum Stadium, Dubai
6pm: Thailand v China at Hazza bin Zayed Stadium, Al Ain
9pm: Iran v Oman at Mohamed bin Zayed Stadium, Abu Dhabi
Monday, January 21
3pm: Japan v Saudi Arabia at Sharjah Stadium
6pm: Australia v Uzbekistan at Khalifa bin Zayed Stadium, Al Ain
9pm: UAE v Kyrgyzstan at Zayed Sports City Stadium, Abu Dhabi
Tuesday, January 22
5pm: South Korea v Bahrain at Rashid Stadium, Dubai
8pm: Qatar v Iraq at Al Nahyan Stadium, Abu Dhabi
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EYango%20Deli%20Tech%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EUAE%0D%3Cbr%3E%3Cstrong%3ELaunch%20year%3A%20%3C%2Fstrong%3E2022%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3ERetail%20SaaS%0D%3Cbr%3E%3Cstrong%3EFunding%3A%20%3C%2Fstrong%3ESelf%20funded%0D%3Cbr%3E%3C%2Fp%3E%0A
Results
%3Cp%3E%3Cstrong%3EStage%202%3A%3C%2Fstrong%3E%3Cbr%3E1.%20Soudal%E2%80%93Quick-Step%20-%2018%E2%80%9911%E2%80%9D%3Cbr%3E2.%20EF%20Education%20%E2%80%93%20EasyPost%20-%201%22%3Cbr%3E3.%20Ineos%20Grenadiers%20-%203%22%3Cbr%3E%3Cstrong%3EGeneral%20classification%3A%3C%2Fstrong%3E%3Cbr%3E1.%20Lucas%20Plapp%20(AUS)%20Ineos%20Grenadiers%3Cbr%3E2.%20Remco%20Evenepoel%20(BEL)%20Soudal%E2%80%93Quick-Step%20-%20ST%3Cbr%3E3.%20Nikias%20Arndt%20(GER)%20Bahrain%20Victorious%20-%203%22%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
ARABIAN GULF LEAGUE FIXTURES
Thursday, September 21
Al Dahfra v Sharjah (kick-off 5.35pm)
Al Wasl v Emirates (8.30pm)
Friday, September 22
Dibba v Al Jazira (5.25pm)
Al Nasr v Al Wahda (8.30pm)
Saturday, September 23
Hatta v Al Ain (5.25pm)
Ajman v Shabab Al Ahli (8.30pm)
if you go
The flights
Etihad, Emirates and Singapore Airlines fly direct from the UAE to Singapore from Dh2,265 return including taxes. The flight takes about 7 hours.
The hotel
Rooms at the M Social Singapore cost from SG $179 (Dh488) per night including taxes.
The tour
Makan Makan Walking group tours costs from SG $90 (Dh245) per person for about three hours. Tailor-made tours can be arranged. For details go to www.woknstroll.com.sg
Global state-owned investor ranking by size
|
1.
|
United States
|
|
2.
|
China
|
|
3.
|
UAE
|
|
4.
|
Japan
|
|
5
|
Norway
|
|
6.
|
Canada
|
|
7.
|
Singapore
|
|
8.
|
Australia
|
|
9.
|
Saudi Arabia
|
|
10.
|
South Korea
|