JCDC signs up Malta group for key project at $20bn Jeddah Central
JEDDAH, April 2, 2023
Saudi-based developer Jeddah Central Development Company (JCDC) has signed an agreement with Malta-based International Hotel Investments to set up its Corinthia brand of hotels within its beachfront lifestyle project in the Saudi city.
As per the deal, International Hotel Investments will be providing advisory services for the development and operation of these projects at Marina district located within the mega SR75-billion ($20 billion) Jeddah Central project.
A part of the Jeddah Central's 9.5-km waterfront on the Red Sea, the Marina District will feature a world-class marina equipped for local and international boats, yachts, and superyachts.
The marina will serve as a gateway to the city on the Red Sea coast, creating a thriving residential marine community, including recreational facilities, retail outlets, restaurants, and cafes.
JCDC, a subsidiary of Saudi sovereign wealth fund PFI (Public Investment Fund) and the master developer of the Jeddah Central development, said this comes as part of its strategic plan to create a local attraction and global destination in the heart of the Saudi port city.
Being implemented on a 5.7-million-sq-m area in the Saudi port city, Jeddah Central has a stunning waterfront location with a 2.1 km of sandy beaches.
On the strategic partnership, CEO Engineer Ahmed Al Sulaim, said: "We are pleased with this cooperation with Corinthia, 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."
The MoU establishes a framework for Corinthia Hotels and its sister company QPM Limited, to develop and operate assets within the Marina District at Corinthia standards.
The deal with International Hotel Investments is mainly aimed at exploring co-operation in developing and operating assets within Jeddah Marina district, stated Al Sulaim after signing the deal with Corinthia officials Chairman Alfred Pisani and CEO Simon Naudi as well as Reuben Xuereb, the Chief Executive at QPM.
Pisani said: "As a hotelier and real estate developer, the Corinthia Hotel group is delighted to be bringing its expertise, brand and innovation in creating uplifting environments that will sit at the nexus of global experience and local ambition."
According to JCDC, the development is being implemented in three phases. The first one will be completed by 2027 following which it will start receiving Jeddah residents and visitors. The second phase is set for completion by 2030 and the rest after 2030, it added.-TradeArabia News Service
