EXCLUSIVE: Saudi Arabia launches Jeddah canal MEGAPROJECT
Saudi Arabia has launched a mixed-use megaproject near Jeddah that includes an 11km canal. ROSHN Group – Saudi Arabia’s biggest developer, owned by the kingdom’s Public Investment Fund – last week announced plans to develop MARAFY, located north of Jeddah, that will accommodate more than 130,000 residents once completed. Also, a 100m-wide navigable canal, the first to be built in Saudi Arabia, will be flanked by promenades and a number of residential and commercial districts.
David Grover, Group CEO of ROSHN Group said: “It is core to us as a giga project to introduce such huge development to the kingdom, MARAFY will be a gamechanger on 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.”
MARAFY’s canal will provide a waterfront comparable in size to those of Chicago, Stockholm, Hamburg, and central London, bringing the marine environment into the heart of a historic city that has been welcoming traders, travellers, and pilgrims for centuries.
Also, MARAFY is set to breathe new life into Jeddah, creating an urban water corridor to link homes and communities with nature, commerce, and life-enhancing amenities, said Roshn Group.
The announcement of MARAFY marks a major milestone for the Group as a giga project.
Under His Royal Highness the Crown Prince’s guidance, the Group has embraced its mandate to emerge as a multi-asset class developer, intensifying its activities and becoming a national champion across a range of sectors in pursuit of Vision 2030’s ambitious goals.