Hong Kong to sentence dozens of democracy campaigners

Pro-democracy activists Ventus Lau Wing-hong, Kwok Ka-ki, Lam Cheuk-ting and Raymond Chan Chi-chuen walk to a prison van to head to court with other activists, over a national security law charge, in Hong Kong, China March 4, 2021. (REUTERS)
Pro-democracy activists Ventus Lau Wing-hong, Kwok Ka-ki, Lam Cheuk-ting and Raymond Chan Chi-chuen walk to a prison van to head to court with other activists, over a national security law charge, in Hong Kong, China March 4, 2021. (REUTERS)
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Updated 19 November 2024
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Hong Kong to sentence dozens of democracy campaigners

Hong Kong to sentence dozens of democracy campaigners
  • The sentencing is “a very important indicator to show the general public (the degree of) openness and inclusivity in our society,” Lee Yue-shun, one of those acquitted, told AFP on Tuesday as he waited outside court

HONG KONG: Hong Kong’s largest national security trial will draw to a close on Tuesday, with dozens of the city’s most prominent democracy campaigners set to be sentenced for subversion, a charge that can carry up to life imprisonment.
Beijing imposed a sweeping national security law on the financial hub in 2020, snuffing out months of massive, sometimes violent, pro-democracy protests.
Western countries and international rights groups have condemned the trial as evidence of Hong Kong’s increased authoritarianism.
The “Hong Kong 47” were arrested in 2021 after holding an unofficial election primary that aimed to improve pro-democracy parties’ chances of winning a majority in the city’s legislature.
Two of the 47 were acquitted in May, but on Tuesday, the rest will learn their sentences, many after more than 1,300 days in jail.
The sentencing is “a very important indicator to show the general public (the degree of) openness and inclusivity in our society,” Lee Yue-shun, one of those acquitted, told AFP on Tuesday as he waited outside court.
A friend of defendant Gordon Ng, named by prosecutors as one of five organizers, told AFP she had been suffering insomnia in the past few days.
“Gordon seemed nervous too,” the woman said about her visit to Ng in prison. “But... he kept telling us not to overthink.”
This case is the largest by number of defendants since the law was passed in mid-2020.
Another major national security trial will see a key development on Wednesday, when jailed pro-democracy media tycoon Jimmy Lai testifies in his collusion trial.
The charges against Lai revolve around publications in his now-shuttered tabloid Apple Daily, which supported the pro-democracy protests and criticized Beijing’s leadership.
China and Hong Kong say the security law restored order following the 2019 protests, and have warned against “interference” from other countries.

At dawn on Tuesday, more than 200 people stood in the chilly drizzle outside the court where the sentencing will take place.
Some had been queuing since Saturday to nab a public seat.
Eric, an IT professional based in mainland China, spent a day of holiday waiting in line.
“I want to bear witness of how Hong Kong becomes mainland China,” Eric told AFP.
“In the future, cases like this may not be open to the public anymore.”
Jack, a law student, said he wanted to witness the sentencing because he found the judgment “was not particularly convincing.”
He said he was pessimistic that the sentencing would be lenient, but that even if it was, “people’s passion for political participation has dissipated in the face of restrictions.”
The aim of the election primary, which took place in July 2020, was to pick a cross-party shortlist of pro-democracy candidates to increase their electoral prospects.
If a majority was achieved, the plan was to force the government to meet the 2019 protesters’ demands — including universal suffrage — by threatening to indiscriminately veto the budget.
Three senior judges handpicked by the government to try security cases said the group would have caused a “constitutional crisis.”

The “principal offenders” face 10 years to life in jail.
Legal scholar Benny Tai has been named “the brain behind the project” by prosecutors.
Others singled out as “more radical” are the ex-leaders of the now-disbanded Civic Party Alvin Yeung and Jeremy Tam, young activist Owen Chow and former journalist Gwyneth Ho.
The oldest defendant is “Long Hair” Leung Kwok-hung, the 68-year-old co-founder of the city’s last standing opposition party the League of Social Democrats.
His wife Chan Po-ying, the leader of the LSD, told AFP that Leung “does not have any special thoughts on the sentence” after visiting him on Monday.
“I feel rather calm too... I wish for no surprise and no shock,” Chan said.
Emilia Wong, girlfriend of rally organizer Ventus Lau, said Lau appeared more anxious in recent months.
They hadn’t discussed the potential sentence much because “it’s an unprecedented case,” she said.
“A long time ago, he said if the sentence is up to 10 years or 20 years, I should not wait for his release,” Wong told AFP.
“The (sentencing) day may be a significant milestone for the outside world but for me... I will just have to carry on with my normal life, visiting him and handling his matters.”
 

 


Pakistan’s top trade body demands 500 bps interest rate cut as inflation hits nine-year low

Pakistan’s top trade body demands 500 bps interest rate cut as inflation hits nine-year low
Updated 23 sec ago
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Pakistan’s top trade body demands 500 bps interest rate cut as inflation hits nine-year low

Pakistan’s top trade body demands 500 bps interest rate cut as inflation hits nine-year low
  • FPCCI says businesses are dissatisfied with monetary policy since interest rates remain excessively high
  • It says monetary policy should be aligned with government’s vision for economic and export-led growth

KARACHI: Pakistan’s top trade and industry body on Wednesday called for a 500-basis-point (bps) cut in the policy rate, saying businesses remained dissatisfied with monetary policy and viewed interest rates as excessively high despite inflation hitting a nine-year low.
Earlier this month, the government announced inflation had fallen to 1.5 percent in February, down from 2.4 percent in January. However, the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) noted the policy rate remained at 12 percent following what it called a “grossly-insufficient reduction of merely 100 bps” in the January 27 Monetary Policy Committee (MPC) meeting.
“After deliberations across all industries and sectors, FPCCI demands an immediate and single-stroke rate cut of 500 basis points in the upcoming MPC meeting on March 10, 2025, to rationalize the monetary policy,” FPCCI President Atif Ikram Sheikh said in a statement.
He added the country’s monetary policy should align with the Special Investment Facilitation Council (SIFC) and the government’s broader vision for economic and export-led growth.
Sheikh said industry estimates suggest core inflation will remain between 1-3 percent in the fourth quarter of FY25 (April-June 2025) due to declining prices and easing inflationary pressures.
He argued with international oil prices expected to stay stable, the government had the conditions necessary to announce a substantial rate cut.
FPCCI Senior Vice President Saquib Fayyaz Magoon also urged policymakers to bring interest rates into single digits to allow Pakistani exporters to compete internationally.
He added that a rate cut should be accompanied by the government’s promised rationalization of electricity tariffs for industries to ensure sustainable growth.
Pakistan has historically maintained a tight monetary stance to curb inflation and stabilize the economy, but the latest calls for aggressive easing highlight growing concerns from businesses over stagnating investment and sluggish industrial activity.


Pakistan, UAE resolve to enhance cooperation after Abu Dhabi crown prince’s visit

Pakistan, UAE resolve to enhance cooperation after Abu Dhabi crown prince’s visit
Updated 5 min 19 sec ago
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Pakistan, UAE resolve to enhance cooperation after Abu Dhabi crown prince’s visit

Pakistan, UAE resolve to enhance cooperation after Abu Dhabi crown prince’s visit
  • Pakistan signed cooperation agreements in banking, mining and railways with UAE during crown prince’s visit last week
  • UAE is Pakistan’s third-largest trading partner after China and the United States, and a major source of foreign investment

ISLAMABAD: Pakistan’s Foreign Minister Ishaq Dar and United Arab Emirates Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan on Wednesday resolved to enhance bilateral cooperation in all sectors, state-run media reported, following Abu Dhabi crown prince’s recent visit to Pakistan.
Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan visited Pakistan on his first official visit to the country on Feb. 27 with a high-level delegation. During the visit, both countries signed key agreements to boost cooperation in mining, railways, banking and infrastructure sectors.
Dar, who is also his country’s deputy prime minister, received a phone call from the UAE foreign minister on Wednesday during which the latter conveyed Ramadan greetings to the former and the people of Pakistan, the state-run Associated Press of Pakistan (APP) reported. 
“Deputy Prime Minister and Foreign Minister Senator Mohammad Ishaq Dar, and UAE Deputy PM/ Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan on Wednesday reaffirmed their commitment to enhancing bilateral cooperation across all sectors,” APP said. 
“The two leaders also discussed the results of the recent visit by the Crown Prince of the UAE to Pakistan,” it added. 
Dar also extended Ramadan wishes to the UAE foreign minister and expressed solidarity with the people of the Gulf country.
The UAE is Pakistan’s third-largest trading partner after China and the United States and a major source of foreign investment, valued at over $10 billion in the last 20 years, according to the Gulf country’s foreign ministry.
Pakistan and the UAE have stepped up efforts in recent years to strengthen economic relations. Last year the two countries signed multiple agreements exceeding $3 billion for cooperation in railways, economic zones, and infrastructure development.
Policymakers in Pakistan consider the UAE an optimal export destination due to its geographical proximity, which minimizes transportation and freight costs while facilitating commercial transactions.
The UAE is also home to more than a million Pakistani expatriates, making it the second-largest Pakistani expatriate community worldwide and a major source of foreign workers’ remittances.


Saudi real estate loans hit $236bn as Kingdom captures global buyer interest 

Saudi real estate loans hit $236bn as Kingdom captures global buyer interest 
Updated 21 min 49 sec ago
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Saudi real estate loans hit $236bn as Kingdom captures global buyer interest 

Saudi real estate loans hit $236bn as Kingdom captures global buyer interest 
  • Real estate financing stood at SR2.96 trillion at the end of 2024. 
  • Demand fueled by increased urbanization and a growing middle class

RIYADH: Saudi Arabia’s real estate loans surged 15.12 percent year on year to a record SR883.3 billion ($235.54 billion) by the end of 2024, driven by robust demand from both retail and corporate borrowers, official data showed. 

According to the Kingdom’s central bank, also known as SAMA, corporate real estate loans saw a 26.23 percent increase, reaching SR202.04 billion, while lending to individuals accounted for 77.13 percent of the total, climbing 12.19 percent to SR681.24 billion. 

Real estate financing now comprises around 30 percent of total Saudi bank loans, which stood at SR2.96 trillion at the end of 2024. 

This evolution signals growing confidence in the Kingdom’s  market, with institutional capital fueling the expansion of high-end commercial hubs and integrated residential complexes — key pillars of Saudi Arabia’s economic diversification strategy. 

“The market is reaching a high level of sophistication as local and international institutional investors take an overweight position with a medium to long term view,” Elias Abou Samra, CEO of Rafal Real Estate, told Arab News. 

“Such investors are more bankable than the typical retail investor with better access to corporate lending,” he added. 

This divergence suggests that while individual buyers continue to fuel the bulk of the market, corporate clients are increasingly taking advantage of favorable financing conditions to invest in large-scale, mixed-use projects.

These corporate investments often involve sophisticated financing arrangements and long-term planning that cater to a broader vision of urban development under Saudi Arabia’s Vision 2030.

Abou Samra noted that mega projects such as Sports Boulevard and King Salman Park are attracting global investor interest as they progress into their initial development phases. 

“During the post-COVID years between 2021 and 2023, a number of developers mushroomed with granular low-rise developments that were mainly funded by off-plan sales, with marginal reliance on corporate lending,” Abou Samra said. 

“The profile of today’s projects are mixed-use with a reasonable concentration of commercial and income generating developments demanding higher reliance on debt as a major source of funding,” he added. 

As these mega projects unfold, the influx of institutional capital not only supports the scaling and sustainability of these ventures but also contributes to a more stable and diversified real estate market in the Kingdom.

Financing partnership 

When asked whether real estate companies have partnered with Saudi banks to facilitate property purchases, Abou Samra explained that the Ministry of Housing has developed an integrated value chain covering every stage of the real estate development process — from planning and financing to construction, sales, and post-sale services — all within a highly regulated framework. 

This comprehensive system not only ensures adherence to national standards but also streamlines processes to minimize delays and inefficiencies for developers, according to Abou Samra.  

Since 2024, RAFAL, has aligned its community development strategies with this government-led approach by operating under the National Housing Co. 

This partnership enables the real estate company to leverage the ministry’s end-to-end solutions, ensuring its projects benefit from streamlined financing options, faster loan origination, and efficient off-plan sales mechanisms. 

As a result, the company enhances its operational efficiency and is well-positioned to meet the growing market demand for quality, well-regulated residential and mixed-use developments. 

Abou Samra noted that in its latest development, Tilal Khuzam — located just west of King Khaled International Airport — nearly 3,600 apartments were introduced to the market.

The initial phase, accounting for 25 percent of the total project, was fully sold within just four months. 

He attributed this rapid sales success to the efficient, integrated approach facilitated by the National Housing Co. and the Real Estate General Authority.  

“Under Sakani, off-plan sales buyers are matched with the most competitive lenders through a swift digital process that does not exceed two weeks from contract signature,” Abou Samra said. 

Rising price challenges 

Knight Frank’s the Saudi Report 2025, released in February, revealed that the Kingdom’s real estate market is under significant price pressure due to soaring demand in key urban areas, driving property prices to record levels and potentially impacting affordability. 

This surge in demand is likely fueled by factors such as increased urbanization, a growing middle class, and strategic investments under Vision 2030.  

As a result, record-high prices are making properties less affordable for average buyers and potentially straining the broader housing market. 

This trend not only challenges affordability but also underscores the need for targeted policy interventions and innovative financing solutions to balance growth with accessibility. 

According to the report, the most significant price increases have been recorded in major urban centers, notably Riyadh and Jeddah. In these cities, many prime districts have experienced double-digit growth, driven by urbanization and strategic investments under Vision 2030. 

Additionally, emerging urban hubs in the Eastern Province are also witnessing rapid price escalations, signaling a broader trend of rising property values across key Saudi cities. 

Abou Samra told Arab News: “We are witnessing a decoupling between Riyadh and most other cities. While the capital continues to demonstrate signs of overheating — reflected in high absorption rates for off-plan sales and vacancy rates below 3 percent for delivered units — other cities maintain a healthy demand at sustainable prices.” 

According to the CEO, Riyadh is evolving from a traditional, locally focused market into a dynamic international hub. The city is increasingly attracting resident expatriates and foreign buyers, especially as many anticipate a relaxation of foreign ownership regulations in 2025. 

This shift is transforming market preferences, with demand moving away from traditional villas toward modern apartment complexes that cater to a vibrant urban lifestyle. 

The trend is driven by an influx of expatriates, along with a growing number of young Saudis relocating from other regions of the Kingdom.  

“Riyadh is also witnessing increased demand for buy-to-let units, as rental yields hover between 8 percent and 10 percent across the city, averaging more than double the yields of its G20 peers,” Abou Samra added. 

This refers to properties purchased primarily for rental purposes rather than owner occupancy. Investors buy these units to generate rental income and potentially benefit from long-term capital appreciation. 

Future interest rates and lending 

In line with the US Federal Reserve’s monetary policy, Saudi Arabia’s benchmark interest rates follow the US’s lead due to the riyal’s fixed peg to the dollar. 

Rates peaked at 6 percent in July 2023 as the SAMA mirrored the Fed’s tightening measures. However, beginning in September 2024, the trend reversed with three successive rate cuts — a 50-basis-point reduction, followed by two further cuts of 25 basis points in November and December — bringing the benchmark rate down to 5 percent. 

This lowering of benchmark rates could lead to a corresponding decline in lending rates, making borrowing more affordable and stimulating increased demand for real estate financing. 

Meanwhile, the Fed recently opted to keep rates unchanged, emphasizing that inflation remains a critical factor that could keep policy on hold if price pressures reaccelerate. 

According to Abou Samra, even though experts expect interest rates to remain above 4 percent for the next two years — a “higher-for-longer” scenario — the real estate sector has shown remarkable agility. 

He noted that the Ministry of Municipalities and Housing, along with its affiliates such as Real Estate General Authority, National Housing Co, and Sakani, as well as Wafi and Damanat, has swiftly developed alternative funding options to reduce reliance on traditional bank debt. 

This proactive approach helps cushion the impact of higher borrowing costs on real estate projects, ensuring that financing remains accessible despite the tougher interest rate environment. 

“They have introduced payment installments for lands located within NHC master plans and regulated off-plan sales processes through escrow accounts that preserve the rights of both buyers and developers,” Abou Samra said. 

“This new ecosystem has served in keeping prices reasonably within the reach of Saudi buyer despite global inflation and an overheated market locally,” he added. 


Honor unveils new corporate strategy to transition to an AI device ecosystem company

Honor unveils new corporate strategy to transition to an AI device ecosystem company
Updated 22 min 41 sec ago
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Honor unveils new corporate strategy to transition to an AI device ecosystem company

Honor unveils new corporate strategy to transition to an AI device ecosystem company

Global technology brand Honor recently announced the HONOR ALPHA PLAN, a new corporate strategy to transform Honor from a smartphone maker to a global leading AI device ecosystem company. The visionary three-step plan details the bold steps Honor will take to usher in the new intelligent world, and calls on the industry to co-create an open, value-sharing ecosystem that maximizes human potential, ultimately benefiting all mankind.

“It is clear that the AI revolution will reshape the paradigm of the device industry — completely transforming our productivity, our society, and even our culture more than ever before,” said James Li, CEO of Honor. “I am calling on all of us to unite together to address the challenges —  as well as the many opportunities – of AI technology. I also call on the industry to be truly open so that we can fully embrace this exciting AI future. Let’s do it together.”

The designation HONOR ALPHA PLAN is chosen for its unique symbolic meaning. Alpha, as the first letter in the Greek alphabet, symbolizes Honor’s relentless pursuit of technological excellence. Additionally, the Chinese word for humans (人) can be found where the stroke connects in the lowercase letter “α,” echoing Honor’s commitment to human-centric innovation. The East-meets-West symbolism perfectly encapsulates Honor’s global vision and ambition to create value for consumers worldwide.

The HONOR ALPHA PLAN comprises three steps: the first step begins with the development of an intelligent phone. Honor will work with partners to open technology boundaries to co-create a new paradigm for AI devices in the agentic AI era. Next, Honor will open industry boundaries and co-create a new paradigm for AI ecosystem in the physical AI era. Finally, in the AGI era, Honor will open human potential boundaries and co-create a new paradigm for civilization.

The envisioned intelligent phone that is central to the first step will embed human-centric AI that is purpose-built to maximize human potential, including the leading AI technology Honor showcased during the keynote address.

Leading AI technology for the agentic AI era

The world’s first GUI-based personal mobile AI agent developed by Honor redefines daily convenience with intelligent technology.

In a technology showcase in collaboration with Google Cloud and Qualcomm Technologies, Honor demonstrated how an AI agent can help make a table reservation through a third-party service while taking into consideration appointments saved in the Honor calendar and traffic information. Honor plans to bring agentic experiences to its devices in international markets in the near future.

Honor is transforming mobile photography with AiMAGE, the new brand for Honor’s imaging technology. AiMAGE is powered by the AI Kernel, the industry’s first solution to support device-cloud AI models. Locally, the on-device model supports a 1.3 billion parameter model to generate a 50% uplift in image clarity. The cloud counterpart benefits from a larger scale of computing resources, running a 12.4 billion parameter model to massively enhance the quality of telephoto images.

Equally important in AiMAGE is the AI ecosystem component. Through collaborating with partners, including Google Cloud, Honor will continue improving the versatility of its imaging offerings by integrating more intuitive AI features into its smartphones. The brand-new AI Upscale feature for restoring old portraits will be rolled out gradually to the Honor Magic7 series powered by the Snapdragon 8 Elite Mobile Platform, starting this March.

Honor introduced the world’s first all-ecosystem file-sharing technology. With it, users can enjoy ultra-fast speeds, whether transferring files to one or many iOS and Android devices. Additionally, the brand also announced that AI Deepfake detection will soon arrive in its latest flagship bar phones and foldable phones in international markets.

Co-creating an open, value-sharing ecosystem with global partners

“As we move into the physical AI era, we need to open our industry boundaries and co-create a new paradigm for the AI ecosystem,” Li said. To reach the second step of its strategic plan, Honor calls on the industry to open up its AI capabilities for a wider range of devices, enabling seamless collaboration as Honor co-creates a value-sharing ecosystem with global partners. As testament to its commitment, Honor announced recently that it will invest more than $10 billion over the next five years to fund this endeavor.

“In the end, we will open human potential boundaries, and co-create a new paradigm for civilization in the AGI era. You will witness the co-existence between carbon-based life and silicon-based intelligence. This is why all of us need to work together to maximize human potential to embrace an intelligent world,” said Li, extending an invitation for all to join Honor to realize the third and final step of its plan.

Representatives from Google Cloud, Qualcomm Technologies, Inc., CKH Group, Orange, Telefónica and Vodafone joined Li on stage to officiate a tree-lighting ceremony. By illuminating a tree of light representing the AI ecosystem and AI devices, the ceremony symbolized the collaboration of industry partners to co-develop the AI device ecosystem that will serve every consumer worldwide.

“Today, Honor has presented a bold new vision for a future where AI will underpin every facet of the device user experience. We are excited to partner with Honor to integrate our technology and power the next generation of AI devices,” said Alex Katouzian, group GM, Mobile, Compute, & XR, Wearables, Qualcomm Technologies, Inc.

“Collaboration is the fabric that weaves together the open ecosystem for AI. We’re thrilled to join hands with Honor and other industry partners to ride this disruptive wave. We are working closely to deeply integrate Google’s Gemini AI models into Honor solutions, and create new possibilities for users around the world that were never before possible, while protecting their data security and user privacy,” said Matt Waldbusser, managing director, Global Solutions and Consumer AI, Google Cloud.

To demonstrate the HONOR ALPHA PLAN’s emphasis on a consumer-centric approach, Honor pledged to provide seven years of Android OS and security updates for its Honor Magic series, starting in the EU market.

In addition, Honor committed to accelerating its sustainability initiatives to reach operational carbon neutrality by 2040, five years ahead of its initial goal. Honor also announced its plan to achieve carbon neutrality across its entire supply chain and products by 2050.

New product showcase

At MWC Barcelona 2025, Honor introduced multiple new products to bring more choices to consumers in international markets. With a beautiful vine-leaf curved design and lightweight body, the AI PC HONOR MagicBook Pro 14 integrates Honor Turbo X to deliver powerful performance and record-setting battery life.

Honor Pad V9 provides an enduring, AI-powered learning and office experience with its ultra-thin body, industry-leading 2.8K Honor eye comfort display, and one of the best performing batteries in the industry.

Combining premium design and smart technology, Honor Watch 5 Ultra offers up to 15 days of battery life for active users to keep track of their fitness journey.

Honor also introduced the Honor earbuds open, ergonomic earbuds that deliver powerful sounds while supporting AI-powered translation, real-time interpretation and more.

MWC booth details

Between March 3-6, visitors of MWC Barcelona 2025 may visit the Honor booth located at Stand 3H10 in Hall 3, Fira Gran Via, to check out the latest innovations from Honor and its partners.


New Zealand win toss, bat against South Africa in second semi

New Zealand win toss, bat against South Africa in second semi
Updated 29 min 32 sec ago
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New Zealand win toss, bat against South Africa in second semi

New Zealand win toss, bat against South Africa in second semi
  • New Zealand keeps same team that lost to India by 44 runs in Group A match
  • South African skipper Temba Bavuma, top-order batter Aiden Markram return

LAHORE: New Zealand captain Mitchell Santner won the toss and decided to bat against South Africa in the second semifinal of the Champions Trophy in Lahore on Wednesday.

New Zealand kept the same team that lost to India by 44 runs in their last Group A match in Dubai on Sunday.

South African skipper Temba Bavuma returned to the team after missing the last Group B game against England due to health problems, replacing Tristan Stubbs.

Top-order batter Aiden Markram — who deputised for Bavuma in the last game — also recovered in time from a hamstring problem.

The winners will play India in the final in Dubai on Sunday.

South Africa: Temba Bavuma (captain), Ryan Rickelton, Rassie van der Dussen, Heinrich Klaasen, Aiden Markram, David Miller, Wiaan Mulder, Marco Jansen, Keshav Maharaj, Kagiso Rabada, Lungi Ngidi

New Zealand: Mitchell Santner (captain), Will Young, Rachin Ravindra, Kane Williamson, Daryl Mitchell, Tom Latham, Glenn Phillips, Michael Bracewell, Matt Henry, Kyle Jamieson, Will O’Rourke

Umpires: Kumar Dharmasena (SRI) and Paul Reiffel (AUS)

TV umpire: Joel Wilson (WIS)

Match referee: Ranjan Madugalle (SRI)