Riyadh –  Mubasher: Saudi Arabia’s sovereign wealth fund, Public Investment Fund (PIF), is planning to carry out an “ultra-luxury” destination for international tourists on the kingdom’s Red Sea coast that will focus on “wellness, healthy living and meditation.”

The initial funding of the 3,800 square kilometre project, named “Amaala”, will be provided by the PIF, while the private-sector firms will be projected to secure the remaining funding and operate the project’s facilities, according to an official statement released late on Wednesday.

Amaala will join two further megaprojects already planned for Saudi Arabia’s Red Sea coast, as Crown Prince Mohammed bin Salman’s “Vision 2030” reform plan, intended to diversify the GCC country’s economy and invest more heavily in infrastructure.

In 2017, the oil-rich nation unveiled plans for another $500 billion tourism development called NEOM, a major city on the Red Sea – in which all processes and services will be 100% automated.

“All of the developments on the Red Sea are intended to coexist in a complementary manner,” the PIF said, adding that Amaala “is a natural extension of the Mediterranean Sea, and dubbed the Riviera of the Middle East.”

Described as the “newest destination on the jet-setter map”, Amaala will feature hotels, private villas, arts, sports and culture offerings, plus marinas and a yacht club, according to the PIF’s statement. 

Moreover, the development will have its own airport, 2,500 “luxury hotel keys,” 200 retail establishments and 700 villas, the PIF added, giving no further details on the scale of investment.

Set to be open to international and domestic tourists, Amaala is forecast to create 22,000 jobs for Saudi people.

The PIF has appointed Nicholas Naples, former head of Integrated Resorts International in Hong Kong, as the chief executive of the project.