- Community will boast a manmade canal at its center, a first of its kind in Saudi Arabia
- PIF-owned ROSHN aligns with Saudi Vision 2030’s sustainability targets
- The Fund’s giga-projects contribute to creating new ecosystems and launching sectors
Real estate developer and PIF giga-project ROSHN has announced MARAFY, a mixed-use development located in the north of Jeddah that will accommodate more than 130,000 residents with a manmade canal at its heart – the first of its kind in Saudi Arabia.
MARAFY’s canal, 11 kilometers in length and 100 meters wide, will connect and extend the Obhur Creek. This navigable canal is the first to be built in Saudi Arabia, and will be flanked by multiple districts, including ROSHN’s existing integrated residential development, ALAROUS.
The waterfront community is set to be ROSHN’s first fully mixed-use development. Its districts will be connected to each other and the rest of Jeddah by an intermodal transport system, including water taxis, bus lines, a dedicated Metro Red Line station, and a direct canal link to the King Abdulaziz International Airport.
David Grover, Group CEO of ROSHN Group, said: “It is core to us as a giga-project to introduce such a huge development to the Kingdom. MARAFY will be a game-changer in the real estate development sector, raising the bar of development in the region, boosting the quality of life, and creating a huge impact in Jeddah.”
The canal of MARAFY, comparable in size to waterfronts in global metropolises such as Chicago, Stockholm, Hamburg, and central London, will create an iconic landmark in historic Jeddah.
Giga-projects form a key pillar of PIF’s mandate, as they contribute to creating new ecosystems and launching sectors that drive economic growth and diversification in Saudi Arabia, as well as spurring investment opportunities across numerous industries.
In line with Saudi Vision 2030’s sustainability targets, ROSHN’s pedestrian-friendly and energy-efficient communities are being developed to encourage a better quality of life. The neighborhoods also align with the national aim for 70% of Saudis to own their homes by the end of the decade.
