ROSHN: MARAFY Will Become Trade Hub to Attract Investments in Jeddah

ROSHN 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. (PIF)
ROSHN 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. (PIF)
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ROSHN: MARAFY Will Become Trade Hub to Attract Investments in Jeddah

ROSHN 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. (PIF)
ROSHN 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. (PIF)

Real estate developer and Public Investment Fund (PIF) giga-project ROSHN underscored the economic impact of the MARAFY project that will be implemented in Saudi Arabia’s western coastal city of Jeddah.

Executive Director of Marketing and Communications at ROSHN Ghada Alrumayan told Asharq Al-Awsat that MARAFY will become a trade hub that attracts investments to Jeddah.

This will help increase job opportunities and the GDP, she added.

The project reflects an ambitious and young generation, she went on to say. Man is at the heart of every step of the project, starting from its planning phase to the laying of the foundation to its execution and until its completion.

In August, ROSHN 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.

Tourism destination

Alrumayan stressed that MARAFY will not be just any other destination. Rather, it will become a vibrant trade and tourism hub given its location. She expected that it will attract millions of Hajj pilgrims, who already visit Jeddah city on their journey.

This will enrich life in the city and raise the quality of life there through an integrated modern infrastructure, in line with one of Vision 2030’s goals of transforming Jeddah into one of the world’s top 100 livable cities, she added.

On the importance of MARAFY in developing the real estate sector in Jeddah, she told Asharq Al-Awsat that the project embodies modern life in Saudi Arabia, noting its design that revolves around man and caters to sustainability concepts.

She stressed that MARAFY is the most ambitious project in Saudi Arabia and marks a turning point in ROSHN’s history as the greatest national real estate developer in the Kingdom.

Cultural mark

Residents of ALAROUS will be able to benefit from all the services provided by MARAFY, which will allow them to adopt a new vibrant way of life, she added.

On the design concept of the project, she explained that Jeddah city boasts a rich history that spans centuries. This has left a unique cultural mark on the identity of the city and MARAFY will only complement this image by offering an innovative design that harkens back to this rich history.

The latest modern technologies and construction methods will be used to bring this concept to life, she stated.

This will create an ideal environment for living, work and recreation as MARAFY becomes a bridge between the past, achievements of the present and ambitions of the future, remarked Alrumayan

Alternative transportation

On modes of transportation in MARAFY, she said it will boast numerous options, while focusing on alternative means that reduce the reliance on cars, such as e-scooters and bicycles that will be available in all of ROSHN’s residential developments.

Moreover, she said MARAFY will boast water taxis and ferries that will allow easy transport between its various areas. It will also provide direct route to and from King Abdulaziz International Airport.



Arab Automotive Sector Attracts $25 Billion in Foreign Investments Over 22 Years

 A parking lot in Saudi Arabia (Asharq Al-Awsat)
 A parking lot in Saudi Arabia (Asharq Al-Awsat)
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Arab Automotive Sector Attracts $25 Billion in Foreign Investments Over 22 Years

 A parking lot in Saudi Arabia (Asharq Al-Awsat)
 A parking lot in Saudi Arabia (Asharq Al-Awsat)

The Arab Investment and Export Credit Guarantee Corporation (Dhaman) announced that the automotive sector in Arab countries has attracted 184 foreign projects, with a cumulative investment exceeding $25 billion and creating over 102,000 jobs from 2003 to October 2024.
Kuwait-based Dhaman explained, in its fourth sector report for 2024 issued on Sunday, that five Arab countries; Saudi Arabia, Morocco, UAE, Algeria, and Egypt accounted for 79% of the total projects in the automotive sector.
These projects represent an investment cost of more than $22 billion, with a share of 89% of the total sectoral investment, and have created over 91,000 jobs, with a share of 89% of the total.
The report focuses on four key aspects; the development and future of vehicle sales until 2028, foreign trade in vehicles and their components for 2023, in addition to foreign projects in the automotive sector, and assessing investment and business risks related to car sales activity in 2024.
China topped the list of investors in the Arab region, implementing 27 projects between 2003 and 2024, with an investment cost of nearly $8 billion and creating about 20,000 new jobs.
The report highlighted that the top 10 companies in the sector accounted for 41% of the new projects, with a share of 67% of total capital investments, and 58% of the new jobs created.
Japan's Nissan topped the number of new projects reaching 18 projects, with a share of 10% of the total.
However, the Chinese company Human Horizon Group topped in investment value, contributing $5.6 billion with a share of 22% of the total.
Meanwhile, the French company Renault topped in job creation, generating approximately 15,000 positions, with a share of 15% of the total jobs created in the sector.
The report also ranked investment incentives and risks in 16 Arab countries based on Fitch ratings, with Gulf Cooperation Council (GCC) countries leading the list.
Vehicle sales in the Arab region (16 countries) are expected to grow by over 5%, exceeding 2.3 million units by the end of 2024, with a share of 2.4% of global vehicle sales. This figure is expected to reach 3 million units by 2028.
Saudi Arabia, the UAE, Algeria, Morocco, and Kuwait collectively account for approximately 75% of total regional sales.
Private Cars
Private car sales in 12 Arab countries are forecasted to exceed 1.8 million units by the end of 2024, marking a 4.5% rise compared to 2023. Saudi Arabia leads this category with a 45% share of the market. The region's sales are expected to surpass 2.2 million vehicles by 2028, according to Fitch ratings.
The report indicated an increase in the regional vehicle fleet index, reaching an average of 307 vehicles per 1,000 inhabitants by the end of 2024, up by nine points.
This figure is expected to further rise to 353 vehicles per 1,000 inhabitants by 2028, with Libya and many GCC countries exceeding the regional average.
Arab foreign trade in road vehicles and their components increased by 23% in 2023, reaching $126 billion.
This growth was driven by a 29% rise in exports, totaling $29 billion, (bolstered by vehicle re-export activities valued at $14 billion in the GCC separately).
Imports increased by 21%, reaching $97 billion, with 82% of the total trade concentrated in five countries: the UAE, Saudi Arabia, Morocco, Iraq, and Kuwait, collectively accounting for $103 billion.
Japan topped the largest exporter of vehicles and components to the Arab region, recording exports valued at $17 billion, representing 17% of the total. Iraq emerged as the largest importer from the region, accounting for $10 billion 34% of total imports.
Personnel transport vehicles topped Arab imports of vehicles and components in 2023, valued at $63 billion, exceeding 65% of total imports. Vehicle parts and accessories followed, valued at $14 billion, contributing 14% to total imports.