RIYADH — The Public Investment Fund–owned Jeddah Central Development Company (JCDC) has signed major agreements with globally renowned luxury hotel brands, advancing the development of the Jeddah Central destination and reinforcing Saudi Arabia's growing position in high-end tourism and hospitality. JCDC CEO Ahmed Al-Sulaim said the partnerships "represent a successful model of cooperation between the public and private sectors," noting that they will strengthen the hotel sector, support Jeddah's tourism and cultural development, and reflect investor confidence in both the Saudi market and the Jeddah Central destination. A key agreement was concluded between Midad Real Estate for Atlantis and One&Only — in joint venture with JCDC — and Kerzner International. With a collaboration investment value exceeding SR7 billion, the agreement covers the development of two flagship projects: the Atlantis Jeddah Resort, which will include a waterpark, and the One&Only Jeddah Resort. The projects mark the first entry of both luxury brands into Saudi Arabia. Another agreement was signed with Mandarin Oriental to manage a hotel comprising 140 rooms, 115 serviced apartments, and 187 branded residences located on a private island within the destination. A third agreement was signed with Hilton to operate Canopy, a lifestyle hotel featuring 220 rooms and 120 serviced apartments overlooking the Jeddah Central Opera House. The fourth agreement was concluded with NMR Group to establish Jareed Hotel, offering 108 rooms and 19 branded residential suites inspired by Saudi architectural elements. Collectively, the agreements underscore Jeddah Central's capacity to attract high-value investments and international brands, supporting tourism growth, cultural activity, economic diversification, and high-quality job creation.
