Riyadh, November 13, 2025: Jeddah Central Development Company (JCDC), a Public Investment Fund (PIF)-owned company, announced a new joint venture partnership with Midad Real Estate Company to develop the Atlantis and One&Only hotels on the Beach, Leisure & Lifestyle district of Jeddah Central.

The agreement was signed in the presence of His Excellency Ahmed Al-Khateeb, Minister of Tourism, and His Excellency Mohammed Ibrahim Al Shaibani, Chairman of the Board of Directors of Kerzner International, by Eng. Ahmed bin Abdulaziz Al Sulaim, CEO of Jeddah Central Development Company, and Abdulelah bin Mohammed Al Aiban, President of Midad Real Estate, on the sidelines of the third day of TOURISE 2025 in Riyadh.

Based on this partnership, Midad Real Estate signed an agreement with Kerzner International, the owner of the Atlantis and One&Only brands, to develop and operate the two projects in Jeddah, marking the first presence of these iconic luxury brands in Saudi Arabia. The total investment value of the collaboration is more than SAR 7 billion, reflecting the scale of high-quality investments attracted by the Jeddah Central destination.

The Atlantis Jeddah resort will feature hotel rooms and branded residences, alongside a world-class waterpark and integrated leisure and entertainment facilities.

The One&Only Jeddah resort will include hotel suites and ultra-luxury residences, offering an exceptional beachfront experience along the Red Sea coast.

Eng. Ahmed Al Sulaim, CEO of Jeddah Central Development Company, said: “This partnership represents a significant milestone in building a world-class hospitality ecosystem within Jeddah Central. It reflects global confidence in Saudi Arabia’s growing economy and the investment potential of Jeddah Central, positioning the city among the leading luxury destinations on the Red Sea.”

Abdulelah Mohammed Al Aiban, President of Midad Real Estate, commented: “This collaboration aligns with Midad’s strategy to expand into high-value projects. Jeddah Central provides an ideal and inspiring environment for investors to develop iconic projects, and our partnership with Kerzner International marks a new chapter in introducing world-class hospitality experiences to Saudi Arabia.”

Philippe Zuber, CEO of Kerzner International, added: “We are proud to partner with Midad Real Estate and Jeddah Central Development Company as we expand into Saudi Arabia, a key strategic market for our global growth. The Atlantis and One&Only projects in Jeddah will deliver exceptional guest experiences that embody the highest standards of luxury, creativity, and distinction.”

This partnership underscores the investment opportunities offered by Jeddah Central, positioning it as a leading platform for developing high-end, sustainable tourism projects that strengthen the city’s global profile. The projects also support the objectives of Saudi Vision 2030, driving economic diversification, attracting international investment, and creating new high-quality jobs across the tourism and leisure sectors.