Maaden’s investments exceed SR100bn

Updated 28 October 2015
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Maaden’s investments exceed SR100bn

RIYADH: Saudi Arabian Mining Company (Maaden) has more than 25,000 employees in the mining sector and has invested SR100 billion in its various projects.
Maaden Chief Khalid Al-Mudaifer made this announcement during his keynote speech at the Saudi Mining and Minerals Conference.
“We have invested SR100 billion in various projects,” he said, adding that they generate good revenues.
He recalled that Maaden became a public company in 2008 and ever since it has been meeting success after success.
Profits from mining for phosphate, aluminum, gold and copper, were doubled reaching SR11 billion.
He said Ras Al-Khair Industrial City located 80 km north of Jubail. Its total current joint investments has reached  nearly SR130 billion.
Maaden was formed by a Royal decree in 1997 to facilitate the development of Saudi Arabia’s mineral resources and was originally wholly owned by the Saudi Government before 50 percent of its shares were floated on the Saudi Stock Exchange (Tadawul) in 2008.
Initially Maaden’s activities focused on expanding its active gold business which now includes five mines and over 11 million ounces of JORC compliant gold resources at operational and exploration sites.
Maaden has also developed its activities beyond gold with the development of Maaden Phosphate Company, which started production in 2011, its aluminum project and a number of other projects. Maaden’s exploration teams are working to expand available resources in existing business areas as well as to broaden the company’s mineral portfolio. 
Maaden has adopted a 2022 strategy “Maaden 2022“, which has been set for growth and profitability.
The growth is targeted to be higher than 15 percent per annum through 2022 and average ROIC higher than 10 percent to be reached over next 10 years.
Maaden is targeting to become among the top 10 producers in all export-oriented industries while maintaining cash costs in at least the second quartile in each industry.
The diversified portfolio initially focuses on precious metals, phosphate and aluminum, it considers expansion into other minerals in Saudi Arabia on commodity-based businesses.
Maaden will invest in the downstream products if such products support profitable growth in the core business.
“Maaden 2022” focuses on exploration to maximize value from existing licenses quickly, and proactively acquiring new licenses in high priority minerals.


Dubai property developer buys Italian fashion house Roberto Cavalli

Updated 53 sec ago
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Dubai property developer buys Italian fashion house Roberto Cavalli

DUBAI: Dubai-based property developer Damac Properties has bought Italian fashion brand Roberto Cavalli, according to reports on Wednesday.  

The investment company Vision Investment Co.LCC that is controlled by the founder of Damac Properties Group, Hussain Sajwani, has signed a binding agreement to obtain 100% of Roberto Cavalli S.p.A. for an undisclosed amount, WWD reported.

Previously, DAMAC partnered with Roberto Cavalli to build a fashionable collection of luxury villas in Dubailand boasting a “Just Cavalli” interior design.