Saudi Arabia’s Public Investment Fund (PIF) has announced the launch of Amaala, set to become an uber-luxury destination on the northwestern coast of Saudi Arabia that the Kingdom hopes will compete with the French Riviera for tourism dollars when completed.
Amaala is a new 3,800 square kilometer project that aims to create an all-new concept of “wellness, healthy living and meditation.” The new planned area is located “alongside” the also-recently announced and planned city of NEOM and the Red Sea Project “as part of the giga-projects investment portfolio, helping to establish a unique tourism ecosystem, supporting economic diversification and creating high-value job opportunities,” according to the Saudi Gazette.
Amaala will be located within the Prince Mohammed bin Salman Natural Reserve.
The initial funding for the project will be provided by PIF. “As the project progresses, attractive partnership and investment packages will be available for the private sector,” the Saudi Gazette reports.
The PIF announced the appointment of veteran luxury hospitality and development executive Nicholas Naples as Chief Executive Officer of Amaala, who will lead development and operations for the destination.
The project is expected to generate an expected 22,000 jobs across hospitality and tourism, leisure and retail, in addition to the opportunities created in construction and ancillary industries.
According to Bloomberg, the sovereign wealth fund described Amaala as the “newest destination on the jet-setter map,” with hotels and private villas alongside arts, sports and culture offerings, plus marinas and a yacht club.