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ROSHN Unveils Large Mixed-Use Development in Jeddah

A model for the design of the MARAFY project, north of Jeddah (Asharq Al-Awsat)
A model for the design of the MARAFY project, north of Jeddah (Asharq Al-Awsat)
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ROSHN Unveils Large Mixed-Use Development in Jeddah

A model for the design of the MARAFY project, north of Jeddah (Asharq Al-Awsat)
A model for the design of the MARAFY project, north of Jeddah (Asharq Al-Awsat)

ROSHN Group, a Public Investment Fund (PIF) giga-project, launched on Tuesday a mixed-use development in north of Jeddah, which will accommodate over 130,000 residents and house the first man-made canal in Saudi Arabia.

The new development, called MARAFY, will include an 11-kilometer-long and 100-meter-wide navigable canal, which will be surrounded by multiple districts, the developer said in a statement.

David Grover, Group CEO of ROSHN Group, said: “It is core to us as a giga project to introduce such huge development to the Kingdom. MARAFY will be a gamechanger on 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.”

He added that the project contributes to achieving the goals of Vision 2030 in creating a vibrant society and a prosperous economy.

For his part, Khaled Al-Mobid, CEO of Manassat Real Estate Company, told Asharq Al-Awsat that ROSHN’s development of the North Jeddah project will have a major impact in raising the efficiency of residential projects in the governorate, and will stimulate investments.

He added that the new development is an important indicator of the city’s economic recovery, stressing that the group seeks to develop the urban landscape of one of the most important tourist and commercial areas, as it provides infrastructure, public, recreational and residential facilities aimed at raising the level of quality of life, and transforming Jeddah into a global destination.

MARAFY’s canal will provide a waterfront comparable in size to those of Chicago, Stockholm, Hamburg, and central London, bringing the marine environment into the heart of a historic city that has been welcoming traders, travelers, and pilgrims for centuries.

According to ROSHN, MARAFY will house multiple distinct districts each with a unique character, including its existing integrated residential development, Alarous. It will accelerate Jeddah’s emergence as a global city while preserving the city’s cultural and architectural heritage, with facades inspired by the historical designs of Jeddah region and styles reinvented for today.

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China’s Economy Set to Slow in Q2 as Pressure from US Tariffs Mounts

A laborer works on the glass wall of a building near a luxury brand logo in Beijing, China, Friday, July 11, 2025. (AP)
A laborer works on the glass wall of a building near a luxury brand logo in Beijing, China, Friday, July 11, 2025. (AP)
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China’s Economy Set to Slow in Q2 as Pressure from US Tariffs Mounts

A laborer works on the glass wall of a building near a luxury brand logo in Beijing, China, Friday, July 11, 2025. (AP)
A laborer works on the glass wall of a building near a luxury brand logo in Beijing, China, Friday, July 11, 2025. (AP)

China's economy is likely to have cooled in the second quarter after a solid start to the year, as trade tensions and a prolonged property downturn drag on demand, raising pressure on policymakers to roll out additional stimulus to underpin growth.

The world's No. 2 economy has so far avoided a sharp slowdown in part due to a fragile US-China trade truce and policy support, but markets are bracing for a weaker second half as exports lose momentum, prices continue to fall, and consumer confidence remains low.

Data due Tuesday is expected to show gross domestic product (GDP) grew 5.1% year-on-year in April-June, slowing from 5.4% in the first quarter, according to a Reuters poll. The projected pace would still exceed the 4.7% forecast in a Reuters poll in April and remains broadly in line with the official full-year target of around 5%.

"While growth has been resilient year-to-date, we still expect it to soften in the second half of the year, due to the payback of front-loaded exports, ongoing negative deflationary feedback loop, and the impact of tariffs on direct exports to the US and the global trade cycle," analysts at Morgan Stanley said in a note.

"The third-quarter growth could slow to 4.5% or lower, while Q4 faces unfavorable base effect, putting the annual growth target at risk," the analysts said. They expect Beijing to introduce a 0.5-1 trillion yuan ($69.7 billion-$139.5 billion) supplementary budget from late in the third quarter.

China's exports regained some momentum in June while imports rebounded, as factories rushed out shipments to capitalize on a fragile tariff truce between Beijing and Washington ahead of a looming August deadline.

GDP data is due on Tuesday at 0200 GMT. Separate data on June activity is expected to show both industrial output and retail sales slowing.

On a quarterly basis, the economy is forecast to have expanded 0.9% in the second quarter, slowing from 1.2% in January-March, the poll showed.

China's 2025 GDP growth is forecast to cool to 4.6% - falling short of the official goal - from last year's 5.0% and ease even further to 4.2% in 2026, according to the poll.

BALANCING ACT

Investors are closely watching for signs of fresh stimulus at the upcoming Politburo meeting due in late July, which is likely to shape economic policy for the remainder of the year.

Analysts polled by Reuters expect a 10-basis point cut in the seven-day reverse repo rate - the central bank's key policy rate - in the fourth quarter, along with a similar cut to the benchmark loan prime rate (LPR).

Beijing has ramped up infrastructure spending and consumer subsidies, alongside steady monetary easing. In May, the central bank cut interest rates and injected liquidity as part of broader efforts to cushion the economy from US President Donald Trump's trade tariffs.

But China observers and analysts say stimulus alone may not be enough to tackle entrenched deflationary pressures, with producer prices in June falling at their fastest pace in nearly two years.

Expectations are growing that China could accelerate supply-side reforms to curb excess industrial capacity and find new ways to boost domestic demand.

It's a stiff challenge, analysts say, as Chinese leaders face a delicate balancing act in their quest to cut production while maintaining employment stability in the face of a worsening labor market outlook.