Saudi Arabia has announced a new SAR 7 billion ($1.9 billion) deal to establish Atlantis and One&Only resorts in Jeddah. The venture is a deal between Jeddah Central Development Company and Midad Real Estate Company to expand Jeddah Central into a premium tourism and lifestyle hub.
The major announcement was revealed during the TOURISE Summit in Riyadh. The agreement was signed with the Saudi Minister of Tourism Ahmed Al-Khateeb and Kerzner International’s Chairman Mohammed Ibrahim Al-Shaibani.
This marks the debut of Atlantis and One&Only in Saudi Arabia. The deal signifies a strategic entry supported by the Public Investment Fund (PIF), which is backing Jeddah Central Development Company, and Kerzner, which is known for its Atlantis and One&Only brands.
The news follows Kerzner recently announced The Royal, Maldives. The luxury property is scheduled for completion by 2029.
A number of major deals were signed at TOURISE, including a memorandum of understanding (MoU) with Al Balad Development Company (BDC), owned by the Public Investment Fund (PIF), to develop Jeddah’s historic district Al Balad.
Additionally, Saudi Arabia’s Tourism Development Fund (TDF) announced new investments and partnerships worth approximately $773 million. These aim to develop five main tourism hubs in the Aseer region.
