$2bn joint venture to bring iconic Atlantis, One&Only brands to Saudi Arabia
Midad Real Estate Co., Jeddah Central Development Co., and Kerzner International form partnership to launch first-ever destinations in the Kingdom.
Riyadh: Midad Real Estate Co. has entered into a historic joint venture with Jeddah Central Development Co., a subsidiary of the Public Investment Fund, and Kerzner International, the global hospitality group behind the renowned Atlantis and One&Only brands.
The signing ceremony took place during the TOURISE Global Summit in the presence of Minister of Tourism Ahmed Al-Khateeb and Mohammad Al Shaibani, chairman of the board of directors at Kerzner International.
Under the agreement, the partners will introduce the first-ever Atlantis and One&Only destinations in Saudi Arabia within the Jeddah Central waterfront master plan on the Red Sea coast.
The total project value stands at SR7.6 billion ($2.03 billion) and aligns closely with Saudi Vision 2030.
Midad Real Estate, as the developer, will oversee the creation of both destinations, which aim to position Jeddah Central as a world-class hub for tourism, entertainment, and culture.
The development will feature two flagship properties: Atlantis Jeddah and One&Only Jeddah.
Atlantis Jeddah will include branded residences, the region’s first Aquaventure Waterpark, the Lost Chambers Aquarium, more than 20 signature dining and lounge venues, luxury retail, and a waterfront entertainment pier.
One&Only Jeddah will offer guest rooms, suites, and villas as well as the brand’s first Private Homes community in Saudi Arabia.
It will also feature seven specialty dining venues, the Club One Wellness Centre, private beach access, and event spaces for gatherings.
Both resorts will incorporate contemporary design inspired by Jeddah’s Corniche heritage, blending modern architecture with sustainable coral-inspired landscaping and low-impact building practices that emphasize environmental preservation and community engagement.
This partnership reflects the strength of collaboration between Saudi developers and leading international hospitality brands, reinforcing Jeddah Central’s position as a global waterfront destination.
The project supports the mission to deliver sustainable, world-class destinations that enhance quality of life and contribute to Saudi Vision 2030.
The collaboration represents a defining moment for Midad Real Estate, bringing together shared values of excellence and innovation with Kerzner International and Jeddah Central Development Co. These projects will set new standards for luxury, sustainability, and hospitality experiences in Saudi Arabia.
The signing ceremony took place during the TOURISE Global Summit in the presence of Minister of Tourism Ahmed Al-Khateeb and Mohammad Al Shaibani, chairman of the board of directors at Kerzner International.
Under the agreement, the partners will introduce the first-ever Atlantis and One&Only destinations in Saudi Arabia within the Jeddah Central waterfront master plan on the Red Sea coast.
The total project value stands at SR7.6 billion ($2.03 billion) and aligns closely with Saudi Vision 2030.
Midad Real Estate, as the developer, will oversee the creation of both destinations, which aim to position Jeddah Central as a world-class hub for tourism, entertainment, and culture.
The development will feature two flagship properties: Atlantis Jeddah and One&Only Jeddah.
Atlantis Jeddah will include branded residences, the region’s first Aquaventure Waterpark, the Lost Chambers Aquarium, more than 20 signature dining and lounge venues, luxury retail, and a waterfront entertainment pier.
One&Only Jeddah will offer guest rooms, suites, and villas as well as the brand’s first Private Homes community in Saudi Arabia.
It will also feature seven specialty dining venues, the Club One Wellness Centre, private beach access, and event spaces for gatherings.
Both resorts will incorporate contemporary design inspired by Jeddah’s Corniche heritage, blending modern architecture with sustainable coral-inspired landscaping and low-impact building practices that emphasize environmental preservation and community engagement.
This partnership reflects the strength of collaboration between Saudi developers and leading international hospitality brands, reinforcing Jeddah Central’s position as a global waterfront destination.
The project supports the mission to deliver sustainable, world-class destinations that enhance quality of life and contribute to Saudi Vision 2030.
The collaboration represents a defining moment for Midad Real Estate, bringing together shared values of excellence and innovation with Kerzner International and Jeddah Central Development Co. These projects will set new standards for luxury, sustainability, and hospitality experiences in Saudi Arabia.
