The Kingdom of Saudi Arabia has long been synonymous with oil wealth, as it sits atop some of the world’s largest oil reserves. However, in a concerted effort to diversify its economy and break free from the shackles of oil dependency, the country has embarked on an ambitious roadmap known as Vision 2030.
The initiative aims to foster a vibrant society, a thriving economy, and an ambitious nation. The focus on sectors like entertainment, tourism, and real estate is a clear shift from the past reliance on fossil fuels.
Today, the real estate sector stands as a beacon of change, innovation, and robust economic development. Cities like Riyadh, Yanbu, and Dammam have already witnessed unprecedented investment in entertainment ventures, ushering in a new era of prosperity and global competitiveness.
The MARAFY urban development in Saudi Arabia
Stepping into this vibrant landscape is ROSHN Group with its groundbreaking MARAFY project. Situated in the northern part of Jeddah, the development is envisioned as a transformative, mixed-use real estate asset class that is expected to accommodate over 130,000 residents.
ROSHN’s first-ever fully mixed-use development introduces a first-of-its-kind, 11-kilometer-long man-made canal. David Grover, Group CEO of ROSHN Group, highlighted MARAFY’s monumental role in this economic transformation during the Arabian Business Leadership Summit in 2023.
“It is 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 significant impact in Jeddah.”
MARAFY Saudi Arabia’s project details
One of the MARAFY project’s most striking features is its 11-kilometer-long and 100-meter-wide canal, a marvel that will connect to and extend Obhur Creek. This waterfront is poised to be comparable in size to those in global cities like Chicago, Stockholm, Hamburg, and central London, thereby linking homes and communities with nature, commerce, and life-enhancing amenities.
The development will feature an intermodal transport system consisting of water taxis, bus lines, a dedicated Metro Red Line station, and a direct canal link to King Abdulaziz International Airport. This seamless connectivity between MARAFY’s diverse waterside districts and the rest of Jeddah is set to strengthen the city’s position as a regional hub.
MARAFY is not merely about the glitz and glamour of modernity; it also reflects a deep respect for Jeddah’s rich history, culture, and architectural heritage. The project incorporates façades inspired by the historical designs of the Jeddah region while also offering a contemporary reinterpretation of the urban context.
READ ALSO:Â When will Jeddah Tower complete? The uncertain fate of the world’s tallest tower
A milestone toward vision 2030
MARAFY, as an iconic project, not only raises the bar for the real estate development sector but also contributes significantly to the Vision 2030 goals. As Saudi Arabia turns a new chapter focused on diversified and sustainable income avenues, developments like MARAFY signal not just the future of Jeddah or Saudi Arabia but also the future of modern, holistic, and sustainable urban living in the region.
By providing high-quality residential, retail, lifestyle, leisure, and entertainment spaces, MARAFY Saudi Arabia is setting new standards in real estate development, creating an environment that is in tune with the social and economic goals of the nation, and presenting a new way of life that promises to be both rewarding and enriching.
