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.



Saudi Arabia Allows Contracting Exceptions for Firms without Regional HQ

The King Abdullah Financial District in Riyadh (Asharq Al-Awsat)
The King Abdullah Financial District in Riyadh (Asharq Al-Awsat)
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Saudi Arabia Allows Contracting Exceptions for Firms without Regional HQ

The King Abdullah Financial District in Riyadh (Asharq Al-Awsat)
The King Abdullah Financial District in Riyadh (Asharq Al-Awsat)

Saudi Arabia has introduced greater flexibility into its investment environment, allowing government entities, under strict controls to safeguard spending efficiency and ensure the delivery of critical projects, to seek exceptions to contract with international companies that do not have regional headquarters in the kingdom.

The Local Content and Government Procurement Authority notified all government bodies of the mechanism to apply for exemptions through the Etimad digital platform.

The step is designed to balance enforcement of the “regional headquarters relocation” decision, in force since early 2024, with the needs of technically specialized projects or those driven by intense price competition.

Under a government decision that took effect at the start of 2024, state entities, including authorities, institutions and government-affiliated funds, are barred from contracting with any foreign commercial company whose regional headquarters in the region is located outside Saudi Arabia.

According to the information, the Local Content and Government Procurement Authority informed all entities of the rules governing contracts with companies that lack a regional headquarters in the kingdom and related parties.

Government entities may request an exemption from the committee for specific projects, multiple projects or a defined time period, provided the application is submitted before launching a tender or initiating direct contracting procedures.

Submission mechanism

In two circulars, the authority detailed how to submit exemption requests and clarified the cases in which contracting is permitted under the controls. It said the exemption service was launched on the Etimad platform in November 2025.

The service is available to entities that float tenders through Etimad. Requests for tenders launched before the service went live, as well as those issued outside the platform, will continue to follow the previously adopted process.

Etimad is the kingdom’s official financial services portal run by the Ministry of Finance, aimed at driving digital transformation of government procedures and boosting transparency and efficiency in managing budgets, contracts, payments, tenders and procurement. The platform streamlines transactions between state entities and the private sector.

Technical criteria

When issuing the contracting controls, the government made clear that companies without a regional headquarters in Saudi Arabia, or related parties, are not barred from bidding for public tenders.

However, their offers can only be accepted in two cases: if there is no more than one technically compliant bid, or if the offer ranks among the best technically and is at least 25% lower in price than the second-best bid after overall evaluation.

Contracts with an estimated value of no more than 1 million riyals ($266,000) are also exempt. The minister may, in the public interest, amend the threshold, cancel the exemption or suspend it temporarily.

More than 700 headquarters

More than 700 multinational companies had relocated their regional headquarters to Riyadh by early 2026, exceeding the initial target of attracting 500 companies by 2030. The program seeks to cement the kingdom’s position as a regional business hub and to localize global expertise.

When announcing the contracting ban, Saudi Arabia said the move was intended to incentivize foreign firms dealing with the government and its affiliated entities to adjust their operations.

It aims to create jobs, curb economic leakage, raise spending efficiency and ensure that key goods and services procured by government entities are delivered inside the kingdom with appropriate local content.

The government said the policy aligns with the objectives of the Riyadh 2030 strategy unveiled during the recent Future Investment Initiative forum, where 24 multinational companies announced plans to move their regional headquarters to the Saudi capital.

It stressed that the decision does not affect any investor’s ability to enter the Saudi economy or continue working with the private sector.

 


IMF Board to Review Staff-level $8.1 Bln Agreement for Ukraine

The city's downtown on a frosty winter day, amid Russia's attack on Ukraine, in Kyiv, Ukraine February 19, 2026. REUTERS/Alina Smutko
The city's downtown on a frosty winter day, amid Russia's attack on Ukraine, in Kyiv, Ukraine February 19, 2026. REUTERS/Alina Smutko
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IMF Board to Review Staff-level $8.1 Bln Agreement for Ukraine

The city's downtown on a frosty winter day, amid Russia's attack on Ukraine, in Kyiv, Ukraine February 19, 2026. REUTERS/Alina Smutko
The city's downtown on a frosty winter day, amid Russia's attack on Ukraine, in Kyiv, Ukraine February 19, 2026. REUTERS/Alina Smutko

The International Monetary Fund on Thursday said its board ​would review a staff-level agreement for a new $8.1 billion lending program for Ukraine in coming days.

IMF spokeswoman Jule Kozack told reporters that Ukrainian authorities had completed the prior actions needed to move forward with the request ⁠of a new ⁠IMF program, including submission of a draft law on the labor code and adoption of a budget.

She said Ukraine's economic growth in 2025 ⁠was likely under 2%. After four years of war, the country's economy had settled into a slower growth path with larger fiscal and current account balances, she said, noting that the IMF continues to monitor the situation closely.

"Russia's invasion continues to take a ⁠heavy ⁠toll on Ukraine's people and its economy," Kozack said. Intensified aerial attacks by Russia had damaged critical energy and logistics infrastructure, causing disruptions to economic activity, Reuters quoted her as saying.

As of January, she said, 5 million Ukrainian refugees remained in Europe and 3.7 million Ukrainians were displaced inside the country.


US Stocks Fall as Iran Angst Lifts Oil Prices

A screen displays a stock chart at a work station on the floor of the New York Stock Exchange (NYSE) in New York City, US, April 6, 2022. REUTERS/Brendan McDermid
A screen displays a stock chart at a work station on the floor of the New York Stock Exchange (NYSE) in New York City, US, April 6, 2022. REUTERS/Brendan McDermid
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US Stocks Fall as Iran Angst Lifts Oil Prices

A screen displays a stock chart at a work station on the floor of the New York Stock Exchange (NYSE) in New York City, US, April 6, 2022. REUTERS/Brendan McDermid
A screen displays a stock chart at a work station on the floor of the New York Stock Exchange (NYSE) in New York City, US, April 6, 2022. REUTERS/Brendan McDermid

Wall Street stocks retreated early Thursday as worries over US-Iran tensions lifted oil prices while markets digested mixed results from Walmart.

US oil futures rose to a six-month high as Iran's atomic energy chief Mohammad Eslami said no country can deprive the Islamic republic of its right to nuclear enrichment, after US President Donald Trump again hinted at military action following talks in Geneva.

"We'd call this an undercurrent of concern that is bubbling up in oil prices," Briefing.com analyst Patrick O'Hare said of the "geopolitical angst."

About 10 minutes into trading, the Dow Jones Industrial Average was down 0.6 percent at 49,379.46, AFP reported.

The broad-based S&P 500 fell 0.5 percent to 6,849.35, while the tech-rich Nasdaq Composite Index declined 0.6 percent to 22,621.38.

Among individual companies, Walmart rose 1.7 percent after reporting solid results but offering forecasts that missed analyst expectations.

Shares of the retail giant initially fell, but pushed higher after Walmart executives talked up artificial intelligence investments on a conference call with analysts.

The US trade deficit in goods expanded to a new record in 2025, government data showed, despite sweeping tariffs that Trump imposed during his first year back in the White House.