Midad Real Estate Company has announced a landmark joint venture with Jeddah Central Development Company (JCDC), a Public Investment Fund (PIF)-owned company, and Kerzner International, the global hospitality leader behind the iconic Atlantis and One&Only brands. The signing took place at TOURISE Global Summit, in attendance of the Ministry of Tourism, His Excellency Ahmed Al-Khateeb and His Excellency, Mohammad Al Shaibani, Chairman of the Board of Directors, Kerzner International.
The collaboration will introduce the first-ever Atlantis and One&Only destinations in Saudi Arabia, located within the Jeddah Central waterfront master plan on the Red Sea coast. With a total project value of SAR 7.6 billion, the venture aligns with Saudi Vision 2030, supporting the Kingdom’s goals for tourism diversification, foreign investment, and job creation. The venture aligns with Saudi Vision 2030, supporting the Kingdom’s goals for tourism diversification, foreign investment, and job creation.
Transformative waterfront development
As the project’s developer, Midad Real Estate will oversee the creation of both destinations, designed to position Jeddah Central as a world-class hub for tourism, entertainment, and culture.
The waterfront district of Jeddah Central will feature two iconic destinations: Atlantis Jeddah and One&Only Jeddah. Atlantis Jeddah will include branded residences, along with 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 in Jeddah will feature guest rooms, suites, villas, and the brand’s first community of Private Homes in Saudi Arabia, complemented by seven specialty dining venues, the Club One Wellness Centre, private beach access, and event spaces for gatherings. Both resorts will showcase contemporary design inspired by Jeddah’s Corniche heritage and integrate sustainable coral-inspired landscaping and low-impact practices that promote environmental preservation and enhance community engagement.
Sustainable and strategic vision
Both developments will integrate sustainability at every stage, incorporating coral-inspired landscaping, efficient building systems, and community-focused programs that preserve local ecosystems and support social well-being.
Eng. Ahmed bin Abdulaziz Al Sulaim, CEO of Jeddah Central Development Company, said:“This partnership reinforces Jeddah Central’s position as a global waterfront destination and reflects the strength of collaboration between Saudi developers and leading international hospitality brands. It supports our mission to deliver sustainable, world-class destinations that enhance quality of life and contribute to Saudi Vision 2030.”
“This collaboration represents a defining moment for Midad Real Estate,” said Abdulelah bin Mohammed Al Aiban, President of Midad Real Estate. “Our partnership with Kerzner International and Jeddah Central Development Company brings together shared values of excellence and innovation. These projects will set new standards for luxury, sustainability, and hospitality experiences in Saudi Arabia.”
“Kerzner has a proven track record of unlocking value in ambitious markets. We have consistently delivered exceptional performance and global recognition for destinations, transforming them into world-renowned entertainment and luxury experiences,” says Philippe Zuber, Chief Executive Officer of Kerzner. “The presence of Atlantis and One&Only in Jeddah aligns with our mutual commitment to advancing the Kingdom’s tourism landscape. Together with Midad Real Estate Investment and Development, we’re proud to collaborate in bringing this shared vision to life.”
Atlantis
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