RIYADH: Saudi Arabia’s Public Investment Fund-owned real estate developer ROSHN Group announced on Tuesday the launch of the MARAFY project in the north of Jeddah.
The project is considered one of the largest mixed-use projects, accommodating over 130,000 people and including a 100 meters wide manmade canal that extends 11 km, connected to Obhur Creek, according to a press statement.
“It is core to us as a giga-project to introduce such huge development to the Kingdom. MARAFY will be a game changer in the real estate development sector, raising the bar of development in the region, boosting the quality of life, and creating a huge impact in Jeddah,” said David Grover, CEO of ROSHN Group.
The press statement noted that the artificial canal in MARAFY will provide a waterfront comparable in size to those of Chicago, Stockholm, Hamburg, and central London, thus adding to the beauty of Jeddah.
Grover added: “It is a proud moment to announce the launch of MARAFY, our huge development north of Jeddah. It is one of the iconic projects that will put Jeddah on the map of world-class destinations in all aspects.”
The project will also emerge as one of the contributors to achieving Vision 2030 goals of creating a vibrant community and a thriving economy.
ROSHN is one of the most anticipated community projects in Saudi Arabia, which aims to revolutionize the Kingdom’s residential sector, aligned with the goals outlined in Vision 2030.
Earlier this month, ROSHN Chief Development Officer Oussama Kabbani said that the developer aims to gain 20 percent of the real estate market share in the coming years amid a boom in the Kingdom’s property industry.
“Real estate bookings are huge this year, and we expect our market share in the mid-market to reach 20 percent over the coming years. The biggest demand is in Riyadh right now,” Kabbani told CNBC Arabia.
In July, ROSHN and the Expenditure and Project Efficiency Authority, also known as Expro, signed a memorandum of understanding to build residential communities.
Under the deal, both parties will work together to enhance the efficiency and sustainability of ROSHN, boost its activities and enable long-term development and planning.