Jeddah: 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 and Only hotels within the Jeddah Central Destination.

According to Saudi Press Agency, 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. Under the partnership, Midad Real Estate signed an agreement with Kerzner International, owner of the Atlantis and One and 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, underscoring the quality of investments attracted to the Jeddah Central Destination. The Atlantis Jeddah project will include branded hotel rooms, residences, a water park, and integrated entertainment facilities. The One and Only Jeddah resort will feature hotel suites and residences offering a beachfront experience on the Red Sea.