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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)
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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.

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China Exempts Some Goods from US Tariffs to Limit trade War Pain

TOPSHOT - An aerial view shows cargo containers stacked at a port in Shanghai on April 20, 2025. (Photo by AFP) / China OUT
TOPSHOT - An aerial view shows cargo containers stacked at a port in Shanghai on April 20, 2025. (Photo by AFP) / China OUT
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China Exempts Some Goods from US Tariffs to Limit trade War Pain

TOPSHOT - An aerial view shows cargo containers stacked at a port in Shanghai on April 20, 2025. (Photo by AFP) / China OUT
TOPSHOT - An aerial view shows cargo containers stacked at a port in Shanghai on April 20, 2025. (Photo by AFP) / China OUT

China has exempted some US imports from its 125% tariffs and is asking firms to identify critical goods they need levy-free, according to businesses notified, in the clearest sign yet of Beijing's concerns about the trade war's economic fallout.

The dispensation, which follows de-escalatory statements from Washington, signals that the world's two largest economies were prepared to rein in their conflict, which had frozen much of the trade between them, raising fears of a global recession.

Beijing's exemptions - which business groups hope would extend to dozens of industries - pushed the US dollar up slightly and lifted equity markets in Hong Kong and Japan.

“As a quid-pro-quo move, it could provide a potential way to de-escalate tensions," said Alfredo Montufar-Helu, a senior adviser to the Conference Board's China Center, a think tank.

But, he cautioned: "It’s clear that neither the US nor China want to be the first in reaching out for a deal."

China has not yet communicated publicly on any exemptions. A Friday statement by the Politburo, the Communist Party's elite decision-making body, focused on efforts to maintain stability at home by supporting firms and workers most affected by tariffs.

The readout, which followed the Politburo's regular monthly meeting, showed that Beijing was also ready to hunker down and fight a trade war of attrition if needed to outlast Washington in enduring the pain from the breakdown of their relationship.

A Ministry of Commerce taskforce is collecting lists of items that could be exempted from tariffs and is asking companies to submit their own requests, according to a person with knowledge of that outreach.

The ministry said on Thursday it had held a meeting with more than 80 foreign companies and business chambers in China to discuss the impact of US tariffs on investment and the operation of foreign firms in the country.

"The Chinese government, for example, has been asking our companies what sort of things are you importing to China from the US that you cannot find anywhere else and so would shut down your supply chain," American Chamber of Commerce in China President Michael Hart said.

Hart added some member pharmaceutical companies had reported being able to import drugs to China without tariffs. He believed the exemptions were drug-specific, not industry-wide.

The chief executive of French aircraft engine maker Safran said on Friday it had been informed last night that China had granted tariff exemptions on "a certain number of aerospace equipment parts" including engines and landing gear.

The tariff exemptions under consideration by Beijing could provide cost relief for companies in China and take pressure off US exports at a time when the Trump administration has shown signs of wanting to make a deal with Beijing.

The European Union Chamber of Commerce in China also said it had raised the issue of tariff exemptions with the commerce ministry and was awaiting a response.

"Many of our member companies are significantly impacted by the tariffs on critical components imported from the US," President Jens Eskelund said.

A list of 131 categories of products said to be under consideration for tariff exemptions was circulating on Chinese social media platforms and among some businesses and trade groups on Friday. Reuters could not verify the list, which included items ranging from vaccines and chemicals to jet engines.

Huatai Securities said the list corresponded to $45 billion worth of imports to China last year.

China's customs agency and Ministry of Commerce did not reply to requests for comment. China's foreign ministry said it was not familiar with tariff exemption plans, redirecting queries to "relevant authorities".