RIYADH: Midad Real Estate Co. has entered a landmark joint venture with Jeddah Central Development Co. — a subsidiary of the Public Investment Fund — and Kerzner International, the global hospitality group behind the iconic 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.
As the project’s developer, Midad Real Estate will oversee the creation of both destinations, which aim to position Jeddah Central as a world-class hub for tourism, entertainment, and culture.
