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.



Oil Slips as Investors Eye Trump Move on Russian Export Curbs

FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo
FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo
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Oil Slips as Investors Eye Trump Move on Russian Export Curbs

FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo
FILE PHOTO: An oil pump jack is seen at sunset near Midland, Texas, US, May 3, 2017. REUTERS/Ernest Scheyder/File Photo

Oil prices fell on Monday as expectations of US President-elect Donald Trump relaxing curbs on Russia's energy sector in exchange for a deal to end the Ukraine war offset concern of supply disruption from harsher sanctions.
Brent crude futures dropped 16 cents, or 0.2%, to $80.63 a barrel by 0453 GMT after closing down 0.62% in the previous session.
The more active US West Texas Intermediate crude April contract fell 6 cents to $77.33 a barrel. The front-month contract, which expires on Tuesday, was at $78.03 a barrel, up 15 cents, or 0.19%, after settling down 1.02% on Friday.
Trump, who will be inaugurated later on Monday, is widely expected to make a flurry of policy announcements in the first hours of his second term, including an end to a moratorium on US liquefied natural gas export licences - part of a wider strategy to strengthen the economy.
"There is a fair amount of uncertainty across markets coming into this week given the inauguration of President Trump and the raft of executive orders he reportedly is planning to sign," ING analysts said in a note.
"This combined with it being a US holiday today, means that some market participants may have decided to take some risk off the table."
Both contracts gained more than 1% last week in their fourth successive weekly ascent after the Biden administration sanctioned more than 100 tankers and two Russian oil producers. That led to a scramble by top buyers China and India for prompt oil cargo and a rush for ship supply as dealers of Russian and Iranian oil sought unsanctioned tankers to ferry their load.
While the new sanctions could impact the supply of nearly 1 million barrels per day of oil from Russia, recent price gains could be short lived depending on Trump action, ANZ analysts said in a client note.
Trump has promised to help end the Russia-Ukraine war quickly, which could involve relaxing some curbs to enable an accord, they said.
Analyst Tim Evans said the new sanctions are seen curtailing supply, at least in the near term.
"Higher tanker rates on unencumbered vessels and a widening backwardation in crude oil calendar spreads have been among the notable ripple effects, reinforcing the concern over supplies," he said in his newsletter Evans on Energy.
Backwardation refers to prompt prices being higher than those in future months, indicating tight supply.
The prompt Brent monthly spread <LCOc1-LCOc2> widened in backwardation by 5 cents to $1.27 a barrel on Monday. The WTI spread <CLc1-CLc2> was at 63 cents a barrel, up 14 cents.
Easing tension in the Middle East also kept a lid on oil prices.
Hamas and Israel exchanged hostages and prisoners on Sunday that marked the first day of a ceasefire after 15 months of war.
Separately, investors are watching out for the impact from a cold snap in Texas and New Mexico which may affect US oil production, analysts at ANZ and ING said.