Riyadh, November 13, 2025: Jeddah Central Development Company (JCDC), a Public Investment Fund (PIF)-owned company, has signed a strategic partnership agreement with NMR Group to develop and operate Jareed Hotel within the Beach, Leisure & Lifestyle district of the Jeddah Central Destination. The agreement was signed on the sidelines of the third day of TOURISE 2025 Summit in Riyadh.

The signing ceremony was attended by a number of officials and experts in the tourism and real estate development sectors. The agreement was signed by Eng. Ahmed bin Abdulaziz Al-Sulaim, CEO of Jeddah Central Development Company, and Mr. Nawaf bin Mohammed Al-Rajhi, CEO of NMR Group.

This partnership will further diversify the hospitality offerings within Jeddah Central Destination. Jareed Hotel will comprise 108 hotel rooms and 19 branded residential units, featuring an architectural design that blends modern elegance with traditional Saudi character, delivering a hospitality experience that captures the spirit of Jeddah and meets the aspirations of visitors from within the Kingdom and abroad.

Eng. Ahmed Al Sulaim, CEO of Jeddah Central Development Company, stated: “This partnership represents a successful model of collaboration between the public and private sectors. Jareed Jeddah will be a valuable addition to the hospitality sector, supporting the ongoing tourism and cultural development in Jeddah in line with the goals of Saudi Vision 2030.”

He added that the partnership reflects JCDC’s commitment to strengthening the presence of distinguished national brands, creating sustainable investment opportunities, empowering Saudi talent, and achieving a balance between modernity and cultural authenticity.

For his part, Mr. Nawaf bin Mohammed Al-Rajhi, CEO of NMR Group, said: “This partnership enhances the Group’s position in the Kingdom’s hospitality sector and reflects NMR Hospitality’s and its brand Jareed’s commitment to offering innovative Saudi-inspired hospitality experiences aligned with the evolving trends of luxury tourism in the Kingdom. Jareed Jeddah will introduce a distinctive hospitality concept that reflects our national identity and the rich history of Jeddah.”

Mr. Al-Rajhi also praised the Jeddah Central Destination, describing it as a modern urban model that successfully integrates innovation, modernity, and local identity. He noted that the destination provides an attractive investment environment that fosters creativity and supports the diversity of tourism and cultural experiences across the Kingdom.

This agreement reinforces Jeddah Central’s position as a promising tourism and investment destination, supported by advanced infrastructure, a strategic location on the Red Sea coast, and a collection of landmark developments that make it one of the region’s most prominent urban transformation projects.