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ISLAMABAD: Pakistan’s Punjab province has arranged for screening of the much-anticipated India-Pakistan Champions Trophy match at 44 prisons across the province, the Punjab home department said on Sunday.

Pakistan skipper Mohammad Rizwan won the toss and elected to bat in the blockbuster clash against India in Dubai on Sunday as his side looked to stay alive in the tournament.

Defending champions Pakistan lost the tournament opener to New Zealand and another defeat will virtually end their chances of making it to the semifinals.

Punjab Home Secretary Noorul Amin Mengal had directed the provincial prison authorities to make special arrangements for the screening of the match for inmates.

“Positive activities are being promoted to make prisoners better citizens under the Punjab chief minister’s Prison Reforms Policy,” the home department said in a statement.

“Special arrangements were also made in juvenile prisons for live broadcast of cricket matches. Children dressed in Pakistani cricket team uniforms enjoyed the match.”

The arch-rivals are playing at the Dubai International Cricket Stadium after India refused to travel to Pakistan to play their matches. The last time these two sides met in the Champions Trophy was back in 2017, when Pakistan beat India in the final by 180 runs in London.

Jail superintendents and senior officials were also watching the match along with prisoners in jails across Punjab.

“Under the Prison Reforms Policy, small and big industrial units and libraries have also been established in jails across Punjab to promote education and training,” the home department added.

RIYADH: The Saudi Real Estate Refinance Co., a Public Investment Fund subsidiary, has priced its first international sukuk issuance, raising $2 billion, boosting the local economy and attracting foreign investment.

SRC’s sukuk issuance supports Saudi Arabia’s Vision 2030 goals, including expanding the mortgage market, promoting homeownership, and attracting global investment.

According to a press release, the issuance — guaranteed by the Saudi government — was oversubscribed six times, reflecting strong investor confidence and demand from over 300 institutional investors worldwide.

“This marks a significant milestone in integrating the Saudi economy with global markets, attracting foreign direct investment, enhancing liquidity, and developing the secondary mortgage market in Saudi Arabia,” said the Minister of Municipalities and Housing and Chairman of SRC.

The sukuk, structured in two tranches with three- and ten-year maturities, is part of SRC’s $5 billion international sukuk program. The issuance will be listed on the International Securities Market of the London Stock Exchange, strengthening Saudi Arabia’s connection to global capital markets and enhancing liquidity in the Kingdom’s mortgage finance sector.

Majid Al-Hogail said the successful listing underscores Saudi Arabia’s commitment to developing its housing finance ecosystem. 

He highlighted Saudi Arabia’s ambitious plans to expand the mortgage finance sector to SR1.3 trillion ($346.6 billion) by 2030, up from SR800 billion in 2024 and just SR200 billion in 2018. 

The minister said mortgage financings now represent 23 percent of total bank assets, aligning with Vision 2030’s 70 percent homeownership rate target by the end of the decade. By the end of 2023, the homeownership rate had already reached 63.7 percent, surpassing initial projections.

SRC CEO Majid Al-Abduljabbar described the sukuk issuance as a testament to global investor confidence in Saudi Arabia’s economy.

“The listing of the sukuk program on the LSE not only strengthens SRC’s global presence and strategy to attract a diverse base of international investors, but also solidifies the company’s position as a key player in the mortgage finance market, paving the way for new strategic partnerships and high-quality international investments,” Al-Abduljabbar said.

SRC holds strong credit ratings from top agencies, including Fitch with an ‘A+’ and a stable outlook, S&P with an ‘A’ and a positive outlook, and Moody’s with an ‘A2’ coupled with a positive outlook. 

“These ratings reinforce the company’s strong position in launching its first international sukuk program, which aligns with global sukuk market standards and best practices in Islamic finance,” the statement added.

The company, established by PIF in 2017 under the supervision of the Saudi Central Bank, has been working to provide liquidity to mortgage lenders and facilitate access to affordable housing finance in Saudi Arabia.

“SRC plays a key role in achieving the objectives of the Housing Program under Saudi Vision 2030, which aims to increase homeownership rates among Saudi citizens,” the company said.

In January, SRC, in partnership with Hassana Investment Co., launched the region’s first residential mortgage-backed securities to diversify the financial market and attract local and international investors. 

The initiative supports the Kingdom’s growing real estate market, driven by increasing mortgage lending and strong demand for housing, aligning with Saudi Arabia’s long-term economic development objectives.