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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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Business

IMF and Arab Monetary Fund Sign MoU to Enhance Cooperation

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
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IMF and Arab Monetary Fund Sign MoU to Enhance Cooperation

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA

The International Monetary Fund (IMF) and the Arab Monetary Fund (AMF) signed a memorandum of understanding (MoU) on the sidelines of the AlUla Conference on Emerging Market Economies (EME) to enhance cooperation between the two institutions.

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki, SPA reported.

The agreement aims to strengthen coordination in economic and financial policy areas, including surveillance and lending activities, data and analytical exchange, capacity building, and the provision of technical assistance, in support of regional financial and economic stability.

Both sides affirmed that the MoU represents an important step toward deepening their strategic partnership and strengthening the regional financial safety net, serving member countries and enhancing their ability to address economic challenges.

Business

Saudi Chambers Federation Announces First Saudi-Kuwaiti Business Council

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT
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Saudi Chambers Federation Announces First Saudi-Kuwaiti Business Council

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT

The Federation of Saudi Chambers announced the formation of the first joint Saudi-Kuwaiti Business Council for its inaugural term (1447–1451 AH) and the election of Salman bin Hassan Al-Oqayel as its chairman.

Al-Oqayel said the council’s formation marks a pivotal milestone in economic relations between Saudi Arabia and Kuwait, reflecting a practical approach to enabling the business sectors in both countries to capitalize on promising investment opportunities and strengthen bilateral trade and investment partnerships, SPA reported.

He noted that trade between Saudi Arabia and Kuwait reached approximately SAR9.5 billion by the end of November 2025, including SAR8 billion in Saudi exports and SAR1.5 billion in Kuwaiti imports.

Business

Leading Harvard Trade Economist Says Saudi Arabia Holds Key to Success in Fragmented Global Economy

Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
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Leading Harvard Trade Economist Says Saudi Arabia Holds Key to Success in Fragmented Global Economy

Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).

Harvard University economics professor Pol Antràs said Saudi Arabia represents an exceptional model in the shifting global trade landscape, differing fundamentally from traditional emerging-market frameworks. He also stressed that globalization has not ended but has instead re-formed into what he describes as fragmented integration.

Speaking to Asharq Al-Awsat on the sidelines of the AlUla Conference for Emerging Market Economies, Antràs said Saudi Arabia’s Vision-driven structural reforms position the Kingdom to benefit from the ongoing phase of fragmented integration, adding that the country’s strategic focus on logistics transformation and artificial intelligence constitutes a key engine for sustainable growth that extends beyond the volatility of global crises.

Antràs, the Robert G. Ory Professor of Economics at Harvard University, is one of the leading contemporary theorists of international trade. His research, which reshaped understanding of global value chains, focuses on how firms organize cross-border production and how regulation and technological change influence global trade flows and corporate decision-making.

He said conventional classifications of economies often obscure important structural differences, noting that the term emerging markets groups together countries with widely divergent industrial bases. Economies that depend heavily on manufacturing exports rely critically on market access and trade integration and therefore face stronger competitive pressures from Chinese exports that are increasingly shifting toward alternative markets.

Saudi Arabia, by contrast, exports extensively while facing limited direct competition from China in its primary export commodity, a situation that creates a strategic opportunity. The current environment allows the Kingdom to obtain imports from China at lower cost and access a broader range of goods that previously flowed largely toward the United States market.

Addressing how emerging economies should respond to dumping pressures and rising competition, Antràs said countries should minimize protectionist tendencies and instead position themselves as committed participants in the multilateral trading system, allowing foreign producers to access domestic markets while encouraging domestic firms to expand internationally.

He noted that although Chinese dumping presents concerns for countries with manufacturing sectors that compete directly with Chinese production, the risk is lower for Saudi Arabia because it does not maintain a large manufacturing base that overlaps directly with Chinese exports. Lower-cost imports could benefit Saudi consumers, while targeted policy tools such as credit programs, subsidies, and support for firms seeking to redesign and upgrade business models represent more effective responses than broad protectionist measures.

Globalization has not ended

Antràs said globalization continues but through more complex structures, with trade agreements increasingly negotiated through diverse arrangements rather than relying primarily on multilateral negotiations. Trade deals will continue to be concluded, but they are likely to become more complex, with uncertainty remaining a defining feature of the global trading environment.

Interest rates and artificial intelligence

According to Antràs, high global interest rates, combined with the additional risk premiums faced by emerging markets, are constraining investment, particularly in sectors that require export financing, capital expenditure, and continuous quality upgrading.

However, he noted that elevated interest rates partly reflect expectations of stronger long-term growth driven by artificial intelligence and broader technological transformation.

He also said if those growth expectations materialize, productivity gains could enable small and medium-sized enterprises to forecast demand more accurately and identify previously untapped markets, partially offsetting the negative effects of higher borrowing costs.

Employment concerns and the role of government

The Harvard professor warned that labor markets face a dual challenge stemming from intensified Chinese export competition and accelerating job automation driven by artificial intelligence, developments that could lead to significant disruptions, particularly among younger workers. He said governments must adopt proactive strategies requiring substantial fiscal resources to mitigate near-term labor-market shocks.

According to Antràs, productivity growth remains the central condition for success: if new technologies deliver the anticipated productivity gains, governments will gain the fiscal space needed to compensate affected groups and retrain the workforce, achieving a balance between addressing short-term disruptions and investing in long-term strategic gains.