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Rivian makes one of biggest global IPOs, valued at over $100bn

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Rivian, an American electric automaker, has become a publicly traded company after making one of the biggest initial public offerings in history and the world’s largest in 2021.

With its Nasdaq debut, the company’s shares surged up to 53 per cent, giving it a market valuation of more than $100 billion.

Rivian shares started trading on the Nasdaq stock exchange Wednesday at around $78 per share and closed at $100.73, marking a nearly 30 per cent jump from its offering price. Having securities such as options and restricted stock units, Rivian’s fully valuation exceeded $106 billion at its debut price.

The initial public offering (IPO) allowed to generate to raise about $12 billion to fund growth, and that figure could rise to $13.7 billion if the full over-allotment of shares is exercised. This makes it the biggest U.S. IPO since Alibaba Group Holding Ltd went public in September 2014.

The Amazon-backed electric vehicle maker has also become the second most valuable U.S. automaker after Tesla Inc.

Rivian ranked ahead of General Motors at $86.05 billion, Ford Motor at $77.37 billion, and Lucid Group at $65.96 billion.

The electric vehicle maker witnessed a production issue after facing global supply-chain constraints due to the coronavirus pandemic and its impact on suppliers.

In an interview, Rivian Chief Executive R.J. Scaringe said that transition to a public company and the growth in its capital base enables the company to develop promising products and volume and growth in terms of new segments.

Rivian said in a filing that he will hold all outstanding Class B common shares after the IPO and get 10 votes per share.

Founded in 2009 as Mainstream Motors by Scaringe, the company was renamed in 2011 as Rivian, a name derived from “Indian River” in Florida.

Meanwhile, Wall Street’s biggest institutional investors are betting on Rivian to be the next big player in a sector dominated by Tesla.

Rivian has already received a little more than 55,000 pre-orders for its pricey electric pickup truck (the R1T) and SUV (the R1S). However, it ruled out their delivery until the end of 2023.

The Irvine, California-based company intends to make at least one million units a year by the end of the decade. It has a plant in Illinois, and has announced plans to open a second U.S. factory and eventually setting up production in China and Europe.

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Canada Super 60 picks BC Place for groundbreaking cricket debut

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In a landmark development for cricket in North America, the newly launched Canada Super 60 has announced Vancouver’s BC Place as the official venue for its inaugural men’s and women’s tournaments. The move marks a historic moment for the sport in Canada, with the iconic stadium set to become the first indoor venue globally to host a 10-over-a-side cricket league.

BC Place, a Canadian sporting landmark located in downtown Vancouver, has long been a stage for world-class events — from the 2010 Winter Olympics to the FIFA Women’s World Cup in 2015, and most recently, one of the host venues for the upcoming FIFA World Cup in 2026. With its state-of-the-art infrastructure, retractable roof, and seating capacity of over 50,000, the stadium is now preparing to add cricket to its multi-sport repertoire.

“BC Place is not just a stadium; it’s a theatre of dreams,” said former India international and Canada Super 60’s strategic partner Yuvraj Singh. “The grandeur of this venue will inspire players and fans alike. Vancouver’s spirit of diversity, nature, and culture makes it the perfect backdrop for cricket’s next big chapter on the West Coast.”

Set to launch in 2025, the Canada Super 60 is a pioneering cricket league featuring both men’s and women’s teams in a 10-over format — a first-of-its-kind initiative aiming to elevate the profile of Canadian cricket on the world stage. The league is being organized with the backing of Cricket Canada.

Amjad Bajwa, President of Cricket Canada, called the partnership with BC Place a “bold and proud step” in the growth of the sport. “This is a significant milestone not just for the Canada Super 60, but for cricket in the country. We’re committed to creating world-class opportunities for Canadian talent as we gear up for the ICC Men’s T20 World Cup in 2026.”

Chris May, General Manager of BC Place, echoed the sentiment. “Hosting Canada Super 60 allows us to bring the world’s second most-watched sport into our venue and celebrate the diversity of British Columbia in a powerful new way. It’s a unique opportunity to build a more inclusive sporting culture.”

The official match dates and ticketing details are expected to be announced in the coming weeks. Organizers promise an electrifying blend of cricketing action and cultural celebration — with Vancouver’s passionate sports community playing a central role in the spectacle.

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DP World ILT20 Season 4 player auction set for September 30

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The DP World International League T20 Player Auction for Season 4 will be held on Tuesday, 30 September in Dubai. The six tournament teams will each get the opportunity of adding 13 players each (a total of 78 players) to their Season 4 squads at the auction. Players interested in appearing for the Player Auction can register here. The last date of registration is Wednesday, 10 September.

The six franchises will have a combined purse of USD 4.8 million to spend at the Player Auction. Details about the available budgets for the teams (including the remaining budgets from their direct signing allotment which can be used in the Player Auction), the auction order and the players list will be shared in due course.

DP World ILT20 CEO David White: “We are delighted to confirm the DP World International League Season 4 Player Auction date – Tuesday, 30 September. The auction is a big milestone for the league as we continue to grow as a world-class T20 tournament. The auction will be a great opportunity for our franchises to add local and international firepower to their Season 4 squads.

“For the UAE players, the ACC Asia Cup 2025 – September 9-28 in the UAE – is a massive opportunity for making a global impression ahead of the Player Auction. The players will have incredible exposure in the continental championship where they will be pitted against some of the top-ranked T20 teams.
“We are also set to play the third edition of the DP World ILT20 Development Tournament from later this month which – alongside the Asia Cup – is another platform for the local players to impress ahead of the Player Auction.” The DP World ILT20 Player Auction is the second phase of squads’ selection for Season 4. Earlier this month, the teams completed their new signings and retentions – a total of eight players per team. The list of those selections is available below.

DP World ILT20 Season 4 – Season 4 squads so far:

Abu Dhabi Knight Riders: Alex Hales, Alishan Sharafu, Andre Russell, Charith Asalanka, Liam Livingstone, Phil Salt, Sherfane Rutherford and Sunil Narine

Desert Vipers: Andries Gous, Dan Lawrence, David Payne, Khuzaima Bin Tanveer, Lockie Ferguson, Max Holden, Sam Curran and Wanindu Hasaranga

Dubai Capitals: Dasun Shanaka, Dushmantha Chameera, Gulbadin Naib, Luke Wood, Muhammad Jawadullah, Rovmann Powell, Shai Hope and Waqar Salamkheil.

Gulf Giants: Aayan Afzal Khan, Azmatullah Omarzai, Blessing Muzarabani, Gerhard Erasmus, James Vince, Mark Adair, Moeen Ali and Rahmanullah Gurbaz.

MI Emirates: AM Ghazanfar, Chris Woakes, Fazalhaq Farooqi, Kamindu Mendis, Kusal Perera, Romario Shepherd, Tom Banton and Muhammad Waseem

Sharjah Warriorz: Johnson Charles, Tim Southee, Tom Kohler-Cadmore, Maheesh Theekshana, Saurabh Netravalkar, Sikandar Raza and Tim David
The DP World International League T20 Season 4 will begin on Tuesday, 2 December – UAE National Day (Eid-Al-Etihad) with a blockbuster opening, the six-team, 34-match tournament will conclude with the final on Sunday, 4 January 2026.

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UAE travel: Emirates adds Hangzhou to its China network 

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The UAE’s flagship carrier launched its new daily service to Hangzhou on  Wednesday, marking yet another milestone in its growing network across China. The move comes hot on the heels of its recent route launch to Shenzhen, making Hangzhou the second new mainland destination in just under a month.

Flight EK310 touched down at Hangzhou Xiaoshan International Airport to a warm welcome – complete with a traditional water cannon salute and greetings from local officials and dignitaries. Passengers on the inaugural flight didn’t leave empty-handed either. They were treated to souvenir keychains, flight certificates, and Chinese tea tasting sets to mark the occasion.

The new route is operated on a Boeing 777-300ER, with flight EK310 departing Dubai at 9:40am and reaching Hangzhou by 10:00pm. The return leg, EK311, takes off from Hangzhou at 12:10am, landing back in Dubai by 4:55am, making it a convenient overnight hop for business and leisure travellers.

With this addition, Emirates now flies 49 times a week to five major Chinese cities: Beijing, Shanghai, Guangzhou, Shenzhen, and now Hangzhou.

Thanks to seamless connectivity through Dubai, travellers from over 40 European cities, 21 in Africa, and others in the Middle East and South America can now easily access one of China’s key tech and business hubs. The route also enables convenient two-way travel between Hangzhou and global cities like Istanbul, Cairo, Johannesburg, and Barcelona.

Best of all? UAE and GCC nationals can visit China visa-free for up to 30 days, making spontaneous business trips or leisure breaks even easier.

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