New golf course to boost Saudi Arabia's sports, entertainment vision
The course, set along the 200-meter-high cliffs of the Tuwaiq Mountains, is part of Qiddiya's broader push to develop golf infrastructure in the Kingdom, the Saudi Press Agency reported.
The announcement follows Qiddiya's new global partnership with the Faldo Series, regarded as the world's leading development pathway for young golfers.
The partnership aims to grow the sport in Saudi Arabia and expand youth participation nationally and internationally, the SPA added.
Faldo called the partnership a unique opportunity to help shape one of the world's most ambitious cities, where modern lifestyles blend with sports, entertainment, and culture in an innovative urban model.
He said: 'The collaboration with Qiddiya City brings together one of the world's foremost sporting communities and a vibrant society passionate about discovering new sports experiences.'
The project aligns with Qiddiya's long-term vision to become a premier golf destination in Saudi Arabia, welcoming players of all ages and supporting the next generation of Saudi golfers.
Abdullah Al-Dawood, managing director of Qiddiya Investment Co., said: 'Our partnership with Sir Nick Faldo to design a new golf course, along with becoming the global partner of the Faldo Series, affirms our commitment to supporting golf and nurturing the next generation of Saudi golfers.'
The course will offer a variety of playing options and accommodate all skill levels. Alongside a layout designed to challenge professionals, it will feature evening lighting for night play and structured training programs for beginners. The design blends traditional elements with contemporary, inclusive features to broaden participation.
The larger golf destination will include a clubhouse, extensive training grounds, and an advanced academy developed by Patterson Design. These facilities are tailored to the desert environment, emphasizing sustainability and alignment with global golf standards.
Beyond the sport itself, the site is envisioned as a community hub, featuring fitness and wellness centers, social spaces, indoor and outdoor pools, and a variety of restaurants and cafes.
At the heart of the site, a green-covered structure open to the public will host events and serve as a central gathering space. It will connect the golf club, the multi-use sports and social complex, and the training academy, creating a unified destination for recreation, learning, and community activity.
This distinctive architectural centerpiece will link the three key areas: the golf club as the operational core, a sports and social activity center, and an academy focused on high-level golf instruction and training.
Qiddiya City includes more than 20 master-planned districts focused on entertainment, sports, and culture, along with housing, commercial, and hospitality offerings.
The golf project joins several other high-profile developments under the Qiddiya umbrella, including the Prince Mohammed bin Salman Stadium — expected to host global sports and entertainment events such as the 2034 FIFA World Cup — the Speed Park motorsports venue, Mercedes-AMG World with public racing experiences, and the Performing Arts Center, which will support diverse cultural and creative programming.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Argaam
9 minutes ago
- Argaam
SABIC H1 2025 results reflect exceptional strains on restructuring, external provisions: Analysts
Saudi Basic Industries Corp. (SABIC) reported a net loss of SAR 5.28 billion in H1 2025, compared to a SAR 2.43 billion profit a year earlier. The decline was driven by SAR 3.78 billion in impairments and provisions tied to the closure of its Olefins 6 cracker in Teesside, UK. The shutdown is part of SABIC's portfolio optimization plan, aimed at improving operational efficiency and cutting costs amid ongoing challenges in the petrochemical sector. In Q2 alone, SABIC posted a net loss of SAR 4.1 billion. Analysts told Argaam that the results were shaped by non-recurring, non-operational factors, particularly asset impairments and restructuring in Europe, while core performance remained resilient. European Impairments Drive Record Losses Jassim AlJubran, Director - Head of Sell-Side Research at AlJazira Capital, said Q2 losses stemmed mainly from SAR 3.78 billion in asset impairments at SABIC's UK complex, amid continued pressure from high feedstock costs and negative margins in Europe. He noted that affiliate and JV contributions fell by SAR 838 million, mainly due to asset devaluations, including SABIC's stake in Clariant, while restructuring charges added SAR 1.1 billion in Q1 and are expected to persist through Q3. Gross profit margin dropped to 12.43%, its lowest since 2020, indicating ongoing operational pressure. AlJubran warned that these one-off items make quarterly or annual comparisons less meaningful. Core Operations Hold Amid Market Pressures Financial advisor Hussein Al-Attas estimated over 90% of Q2 losses were due to non-operational provisions linked to European asset impairments. He said these reflect a broader capital efficiency strategy and efforts to offload non-viable assets. Despite headwinds, SABIC held revenues steady at SAR 35.7 billion, showing sales resilience. However, weak product prices and high feedstock costs continued to erode profitability. Al-Attas said the downturn is part of a global petrochemicals cycle, pressured by slowing demand in China and Europe, market saturation, and growing competition from low-cost producers. He praised SABIC's decisive restructuring and asset optimization strategy, describing it as a positive move for long-term sustainability. H2 Recovery Anticipated AlJubran expects a gradual recovery in H2 2025 as one-off charges ease and restructuring wraps up by Q3. A seasonal drop in feedstock costs may also support margin recovery. He believes SABIC is well-positioned to benefit from a better operating landscape, supported by its solid balance sheet and strategic focus on cost control and efficiency.
Asharq Al-Awsat
41 minutes ago
- Asharq Al-Awsat
SABIC Announces Second Quarter 2025 Financial Results
SABIC announced its financial results for the second quarter of 2025, with an adjusted net income of SAR0.5 billion compared to an adjusted net loss of SAR0.1 billion in the previous quarter, an increase of SAR555 million compared to the previous quarter. The company's revenue in the second quarter was SAR35.6 billion, compared to SAR34.6 billion in the first quarter, an increase of 3%. Total sales volume in the second quarter was 11,779 thousand metric tons, compared to 11,477 thousand metric tons in the first quarter, an increase of 3% due to higher sales volumes, offset by lower average sales prices, together with recognizing licensing and engineering services revenue, SPA reported. SABIC CEO Abdulrahman Al-Fageeh said that as of the second quarter of 2025, SABIC has adopted adjusted financial metrics, which exclude non-operational and one-off incidents, to reflect the true operational performance and organic and sustainable growth, while maintaining full compliance with disclosure requirements of the financial market. Al-Fageeh praised SABIC's EHSS performance, pointing out that the company has achieved HSE rate of 0.07 during the first half of this year, lower than petrochemical peers globally, and its lowest over the past 10 years. The announcement of SABIC's Q2 financial results and performance was at a press conference held at its headquarters in Riyadh, where Al-Fageeh spoke about the latest developments related to the company's operations and activities. "The Board of Directors has approved the distribution of SAR4.5 billion in dividends for the first half of this year, which underscores SABIC's commitment to maximize shareholders' value and ROA, and enhance SABIC's competitive position and investor confidence, while maintaining sufficient resources to achieve financial stability and future strategic growth," he said. Al-Fageeh noted that SABIC will continue to regularly review and optimize its portfolio as part of its transformation program. This includes the closure of its cracker in Teesside, UK, as well as the initiation of several strategic options for its affiliate Gas, including a potential IPO. This comes in line with SABIC's priorities to improve focus on its core business to achieve sustainable growth, strengthen its financial position. "In line with SABIC's growth ambitions, the one million metric ton capacity MTBE project at our Petrokemya affiliate is progressing well, according to planned cost and schedule. The Engineering, Procurement, and Construction (EPC) phase is more than 95% complete and pilot commissioning will occur during Q3 2025,' he added. Al-Fageeh also stressed that SABIC continues to make progress as planned on its Fujian Petrochemical Complex in China project – a flagship project that is driving the company's strategic expansion in Asia.
Asharq Al-Awsat
42 minutes ago
- Asharq Al-Awsat
OPEC+ Countries Reaffirm Commitment to Market Stability
The eight OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023, namely Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman, met virtually on August 3, 2025, to review global market conditions and outlook. In light of a steady global economic outlook and healthy market fundamentals, reflected in low oil inventories, the eight participating countries will implement a production adjustment of 547,000 barrels per day in September 2025. This adjustment follows the December 5, 2024 decision to gradually and flexibly return the 2.2 million barrels per day voluntary cuts, starting from April 1, 2025. This is equivalent to four monthly increments, SPA reported. The phase-out of the additional voluntary production adjustments may be paused or reversed subject to evolving market conditions. This flexibility will allow the group to continue to support oil market stability. The eight OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation. The eight countries reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments that were agreed to be monitored by the JMMC during its 53rd meeting held on April 3, 2024. They also confirmed their intention to fully compensate for any overproduced volume since January 2024. The eight OPEC+ countries will hold monthly meetings to review market conditions, conformity, and compensation. They will meet on September 7, 2025.
