Saudi Arabia’s Public Investment Fund (PIF) announced on Wednesday the launch of Amaala project described as a natural extension of the Mediterranean Sea, and dubbed the Riviera of the Middle East.
According to the statement, Amaala will be designed as a destination for those seeking transformative personal journeys that are inspired by the arts, wellness and the purity of the Red Sea.
It “will form a unique global destination on the jet-setters map,” added PIF.
Phase 1 of the project will open by the end of 2020. Project completion is set for 2028.
PIF said Amaala was expected to generate 22,000 jobs across the hospitality and tourism, leisure, and retail sectors. This would support the opportunities it will create in the “construction and ancillary industries”.
Amaala, alongside the previously announced NEOM, a 26,500 square kilometer is part of the giga-projects investment portfolio of PIF, the statement said, adding that “as the project progresses, attractive partnership and investment packages will be available for the private sector.”
Amaala will feature hotels, private villas, retail and an academy of the arts, marinas and a yacht club, it said.
PIF named Nicholas Naples as chief executive officer of the new development for which initial funding will be provided by the Fund.
Commenting on the news, Naples stated that Amaala will awaken the world’s imagination by rephrasing the current concept of the luxury tourism experience, especially in terms of integrative wellness, specialty treatments, and related recreational offerings.
He explained that the project’s concept will provide a rich service offering that exceeds customers’ expectations by providing a comprehensive suite of services not commonly found in one location that is unique by all measures.
“Amaala experience will be enhanced by its setting, spread across beautiful, untouched natural sites,” said the newly-appointed CEO.
In October 2017 at the Future Investment Initiative, the Public Investment Fund Program was launched as part of Vision 2030 Realization Programs (VRP). The PIF Program is one of twelve VRPs and acts as a roadmap for the next three years to strengthen PIF’s position as the engine behind economic diversification in the country and role in transforming Saudi Arabia into a global investment powerhouse.
