To help the economic diversification in Saudi Arabia, the public investment fund (PIF) announced plans for a new project that will sit alongside NEOM and the Red Sea project. It is addressed to be part of the giga-projects investment portfolio.
The project is called Amaala and its already being dubbed as the “Riviera of the Middle East”, will be focused upon wellness, healthy living and meditation. PIF announced there will be cultural events, artistic performances and related conferences in a bid to bring international visitors to the region, where they can enjoy a wide array of unique and personalized holiday experiences set against stunning scenery, mountainous landscapes and diving among pristine coral reefs.
As the PIF have added Amaala will feature hotels, private villas, an arts academy and a yacht club. However, PIF did not reveal the size of the investment, saying only that the “initial funding for the project will be provided by PIF”
Nicholas Naples, a veteran luxury hospitality and development executive, will be the CEO of the project as the PIF also said. “Amaala represents a unique and transformational luxury experience,” Naples said in the statement, adding that it would include cultural, artistic, fashion and sports facilities “individually tailored for the ultra-luxury lifestyle”.
Amaala will start in Q1 next year, with the first phase due to open in Q4 2020. The project, aimed at “the world’s top 2.5 million leisure travelers”, is expected to be completed in 2028.
As envisioned in Vision 2030, Amaala – along with the other giga-projects — will support the diversification of Saudi Arabia’s leisure and tourism industry, while promoting cultural conservation, ecological preservation and sustainability.