March 30, 2023
Saudi Arabia's Jeddah Central Development Company (JCDC), a wholly owned company of the Public Investment Fund (PIF) and the master developer of the Jeddah Central development, signed a memorandum of understanding with Corinthia Hotels Limited and QPM, wholly-owned Malta-based companies under the Corinthia Group, to explore cooperation in managing the assets of the Marina district.
The Marina district is part of the waterfront overseeing the Red Sea, featuring a world-class marina equipped for boats and yachts from inside and outside the Kingdom. This area will serve as a gateway to the city on the Red Sea coast, dedicated to a marine residential lifestyle, and includes various recreational facilities, retail outlets, restaurants, and cafes.
The contract was signed on behalf of the Jeddah Central Development Company by its CEO, Engineer Ahmed Al-Sulaim, who said: "We are pleased to sign this memorandum of understanding with Corinthia Group, and we look forward to working with them and our other partners and customers to develop Jeddah Central to the highest international standards in terms of design, innovation, and environmental sustainability." Simon Naudi, CEO of Corinthia Hotels Limited, added: "We are honored to be chosen as a partner for the Jeddah Central Development Company and proud to be part of this pioneering Development. We look forward to providing our expertise in design, engineering, and project management to create a development that reflects the highest standards of luxury and innovation." Reuben Xuereb, Chairman and CEO of QPM Limited, also expressed his excitement to be part of the development: "We are excited to have the opportunity to work with the Jeddah central Development Company and Corinthia Hotels Limited to help manage this unique development in the heart of Jeddah”.
The Jeddah Central development comprises four major global landmarks, including an Opera House, Museum, Stadium, Oceanarium, and Coral Farms, and ten quality entertainment and tourism attractions. Jeddah Central’s operational activities will also open the door for the local private sector to participate in developing and operating promising economic sectors, such as tourism, sports, culture, and entertainment, alongside other sectors that include building and developing modern residential areas with more than 25,000 housing units and various hotel projects providing more than 6,500 rooms. The development will also feature a world-class marina and stunning beach resorts, along with a wide range of luxurious local and international hotels, restaurants, and cafes, and diverse shopping options, while targeting to provide integrated solutions for the business community.