Midad Real Estate announces landmark SAR 7.6 billion joint venture with Kerzner International to bring Atlantis and One&Only to Jeddah Central

Riyadh, Saudi Arabia, 13 November 2025 — Midad Real Estate 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 the TOURISE Global Summit, attended by the Minister of Tourism, His Excellency Ahmed Al-Khateeb, and His Excellency Mohammad Al Shaibani, Chairman of the Board, Kerzner International.

The collaboration will introduce the first-ever Atlantis and One&Only destinations in Saudi Arabia, located within the Jeddah Central waterfront masterplan 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.

A 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.

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 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. Both resorts will showcase contemporary design inspired by Jeddah's Corniche heritage, integrating sustainable, coral-inspired landscaping and low-impact practices.

“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.”

Eng. Ahmed bin Abdulaziz Al Sulaim — CEO, Jeddah Central Development Company

“This collaboration represents a defining moment for Midad Real Estate. Our partnership with Kerzner International and Jeddah Central brings together shared values of excellence and innovation, setting new standards for luxury, sustainability, and hospitality in Saudi Arabia.”

Abdulelah bin Mohammed Al Aiban — President, Midad Real Estate

“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, we are proud to bring this shared vision to life.”

Philippe Zuber — CEO, Kerzner International

Strategic significance

• Marks Kerzner International's debut in Saudi Arabia.
• Reinforces Midad Real Estate's strategy to expand its luxury real estate and hospitality portfolio.
• Elevates Jeddah Central as a destination integrating tourism, culture, entertainment, and urban living.
• Expected to create new jobs and attract global visitors to the Kingdom's western region.