ROSHN Group, a real estate developer owned by the Saudi Arabian Public Investment Fund, announced the launch of the MARAFY project in northern Jeddah. This project is considered one of the largest mixed use projects, capable of accommodating over 130000 people, including a 100 meter wide artificial canal that extends 11 kilometers to connect with Obhur Creek.

As a gigabit project, bringing such tremendous development into the kingdom is our core. MARAFY will become a game changer in the real estate development field, raising development standards in the region, improving quality of life, and having a huge impact in Jeddah, "said David Grover, CEO of ROSHN Group.

The artificial canal in Marafei will provide a waterfront area comparable to Chicago, Stockholm, Hamburg, and central London, thereby adding to the beauty of Jeddah. Grover added that announcing the launch of MARAFY is a proud moment, as it is our huge development project in northern Jeddah. This is one of the iconic projects that will make Jeddah a world-class destination in all aspects of the map.

Earlier this month, the Chief Development Officer of ROSHN, Oussama Kabbani, stated that with the booming real estate industry in the Kingdom, developers aim to gain a 20% market share in the real estate market in the coming years.

The real estate booking volume in 2023 is high, and we expect our market share in the mid market to reach 20% in the coming years. The biggest demand is currently in Riyadh. In July, ROSHN signed a memorandum of understanding with the Bureau of Expenditure and Project Efficiency to build a residential community. According to the agreement, both parties will work together to improve the efficiency and sustainability of ROSHN, promote its activities, and achieve long-term development and planning.Editor/XingWentao