PIF Unveils Innovative Qiddiya Project Logo

The Qiddiya city logo.
The Qiddiya city logo.
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PIF Unveils Innovative Qiddiya Project Logo

The Qiddiya city logo.
The Qiddiya city logo.

The Saudi Public Investment Fund revealed the logo of the Qiddiya Project that plans to build the largest cultural, recreational and sports city in the Kingdom. The design of the innovative logo reflects the unique geography of the region where the city will be established.

The Qiddiya project was announced earlier this year.

The city will be constructed 40 kilometers away from central Riyadh in the Qiddiya region..

The design of the logo was inspired from the breathtaking Tuwaiq mountain range in the Qiddiya region that will overlook the city once it is complete. The lines of the logo reflect the abilities of the residents of the Kingdom and their vibrant colors represent the residents’ diverse capabilities and identities. The logo embodies the project’s goal of providing special recreational destination for Saudis where they will be able to unleash their talents in various fields.

The Qiddiya project highlights the heritage of the region and reflects the beauty of the location that will become an important landmark that will meet the demands of the Kingdom’s recreational, cultural and social needs.

Qiddiya city is one of the significant investment initiatives that provides a diverse number of recreational venues. It also supports the Saudi Vision 2030 that aims at diversifying the sources of national income, bolster the Kingdom’s economy and create job opportunities for the local youth.

Qiddiya city allows visitors to enjoy a number of recreational and educational activities through six main venues that include an amusement park, sports arenas, racing rings, water and snow games, gorgeous natural vistas and several cultural and heritage centers.

Construction of Qiddiya city is expected to begin in 2018 and the first phase of the city will be opened in 2022.



Saudi Arabia’s Maaden Posts 88% Surge in Profits on Strong Product Prices, Phosphate and Gold Sales

The slogan of Maaden seen on its headquarters in Saudi Arabia (the company’s website) 
The slogan of Maaden seen on its headquarters in Saudi Arabia (the company’s website) 
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Saudi Arabia’s Maaden Posts 88% Surge in Profits on Strong Product Prices, Phosphate and Gold Sales

The slogan of Maaden seen on its headquarters in Saudi Arabia (the company’s website) 
The slogan of Maaden seen on its headquarters in Saudi Arabia (the company’s website) 

Saudi Arabian Mining Company (Maaden) reported a sharp rise in revenues and net profits for the latest quarter, outperforming both the previous quarter and the same period last year.

Net profit for the quarter jumped 88% year-on-year, driven mainly by stronger product prices, higher sales volumes in the phosphate and gold segments, positive contributions from joint ventures, and lower financing costs, according to the company’s financial results released Thursday on the Saudi Stock Exchange (Tadawul).

Maaden’s net profit increased by SAR 898 million ($239.5 million), supported by a SAR 1.336 billion ($356.3 million) boost in gross profit - a 61% rise - on the back of improved selling prices and increased sales volumes.

The company noted that the profit growth was partly offset by higher operating expenses, including provisions for expected credit losses, and by the absence of a one-off SAR 270 million ($72 million) insurance claim recorded in the same quarter last year.

Revenues for the quarter rose by SAR 2.232 billion ($595.2 million), a 31% increase from the year-ago period. This growth was fueled by higher selling prices in the phosphate, aluminum, and gold segments, along with increased sales volumes in phosphate and gold. The gain was partially offset by a slight dip in aluminum sales volumes.