Saudi Arabia, the world's largest oil supplier, is actively diversifying its economy and investing in ambitious projects to prepare for a post-fossil fuel era. One of the latest projects financed by the Public Investment Fund (PIF) of Saudi Arabia is MARAFY, a waterfront settlement in the northern region of Jeddah, the capital city. Notably, this region lacked a waterfront, and the project involves engineering a 6.8-mile-long and 328-foot-wide artificial canal, making it Saudi Arabia's first-ever canal.
MARAFY is part of Saudi Arabia's broader strategy to adapt to changing economic landscapes and attract global residents and visitors. The canal aims to transform the region into a vibrant, world-class destination, offering waterfront leisure and entertainment zones, as well as real estate development opportunities. The project is estimated to house around 130,000 people upon completion.
The canal will be navigable, linking various districts within MARAFY and connecting the city of Jeddah with an intermodal transport system, including buses, water taxis, a Metro station, and a canal link to King Abdulaziz International Airport. Each district in MARAFY will have a distinct character and incorporate the cultural and architectural heritage of the region into its designs.
David Grover, CEO of Roshn Group, the real estate developer behind MARAFY, described the project as a "gamechanger" in the region's real estate development sector, with the potential to elevate the quality of life in Jeddah and create a thriving economy. Saudi Arabia envisions iconic destinations like MARAFY and NEOM attracting residents and visitors from around the world, positioning the country as a global economic hub due to its strategic geographic location.
This article highlights Saudi Arabia's efforts to diversify its economy through ambitious projects like MARAFY and underscores the country's focus on becoming a global destination and economic center. The construction of its first-ever canal is a significant milestone in this endeavor.
0 Comments