$2bn joint venture to bring iconic Atlantis, One&Only brands to Saudi Arabia

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.

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 reinforces Jeddah Central’s position as a global waterfront destination and reflects the strength of collaboration between Saudi developers and leading international hospitality brands,” said Ahmed bin Abdulaziz Al-Sulaim, CEO of Jeddah Central Development Co.

“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 Co. 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,” said Philippe Zuber, CEO of Kerzner International.

“We have consistently delivered exceptional performance and global recognition for destinations, transforming them into world-renowned entertainment and luxury experiences. 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.”