Jeddah Central Development Company, a subsidiary of the Public Investment Fund (PIF), has signed an investment partnership with Midad Real Estate Company to develop the Atlantis and One&Only hotels within the Jeddah Central Destination.
The signing took place on the third day of the TOURISE Summit in Riyadh, in the
presence of Minister of Tourism Ahmed Al-Khateeb and Chairman of the Board of
Kerzner International Mohammed Ibrahim Al-Shaibani, reported SPA.
Under the partnership, Midad Real Estate signed an agreement with Kerzner
International — owner of the Atlantis and One&Only brands — to develop and
operate the two luxury projects in Jeddah, marking the brands’ first entry into
the Kingdom.
The investment value exceeds SAR7 billion ($1.8 billion), underscoring the
quality of investments attracted to the Jeddah Central Destination.
The Atlantis Jeddah project will include
branded hotel rooms, luxury residences, a water park, and integrated
entertainment facilities.
The One&Only Jeddah resort will feature
hotel suites and luxury residences offering an exceptional beachfront
experience on the Red Sea.