Saudi Arabia to launch Atlantis and One&Only resorts in Jeddah Central under $1.9bn investment deal

Jeddah Central is set to welcome two of the world’s most recognisable luxury hospitality brands after Jeddah Central Development Company signed an investment partnership with Midad Real Estate Company to develop the Atlantis and One&Only hotels within the Jeddah Central Destination.

The signing — held on the third day of the TOURISE Summit in Riyadh — was attended by Minister of Tourism Ahmed Al-Khateeb and Chairman of the Board of Kerzner International Mohammed Ibrahim Al-Shaibani.

Atlantis hotel in Jeddah, Saudi Arabia

The projects mark the first entry of both brands into the Kingdom.

Jeddah Central Development Company, a subsidiary of the Public Investment Fund (PIF), confirmed that the investment value exceeds SR7bn ($1.9bn), underscoring the scale and quality of investments being drawn to the Jeddah Central Destination.

Under the partnership agreement, Midad Real Estate signed with Kerzner International, owner of the Atlantis and One&Only brands, to develop and operate the two luxury projects.

The Atlantis Jeddah project will include branded hotel rooms, luxury residences, a water park, and integrated entertainment facilities.

The One&Only Jeddah resort will feature hotel suites and luxury residences designed to offer an exceptional beachfront experience on the Red Sea.

Together, the developments are expected to elevate Jeddah’s positioning as a global tourism and lifestyle destination, strengthening the Kingdom’s broader ambitions for world-class hospitality growth.

Earlier this week, Kerzner International Holdings and Qatar-based Assets Group announced plans to develop Atlantis The Royal, Maldives, a landmark resort set to open in 2029 that aims to redefine luxury tourism in the Indian Ocean nation.

Located on Vaaredhdhoo Faru island in South Malé Atoll, the development will span nearly 1.4 million square metres and feature more than 5.8 kilometres of beachfront. The resort will be accessible by a ten-minute seaplane flight or a 25-minute speedboat journey from Velana International Airport.

The project marks the first collaboration between Kerzner, the company behind the Atlantis and One&Only brands, and Assets Group, which is expanding its presence in luxury and lifestyle developments.