‘Riviera of the Middle East’ planned in Saudi Arabia

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Jobs expected to be generated by Amaala project

riyadh — Saudi Arabia’s sovereign wealth fund plans to build an ‘ultra-luxury’ destination for international tourists in addition to two other mega-projects already planned for the kingdom’s Red Sea coast.

The Public Investment Fund said it will provide the initial funding for the development of ‘Amaala,’ a 3,800sqkm project that will be focused on ‘wellness, healthy living and meditation’. Private companies will be expected to provide the rest of the funding and operate the project’s facilities, the fund said in a statement late on Wednesday, without specifying the scale of investment.

Amaala will join an ambitious list of mega-projects that Saudi Arabia’s PIF has committed to as Crown Prince Mohammed bin Salman tries to bolster non-oil revenue and attract foreign investors. The fund has already announced plans for another tourism development called the Red Sea Project and is spearheading efforts to develop Neom, a $500 billion futuristic city being built from scratch.

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

Authorities are in the process of devising a visa for tourists and are focusing on the industry as part of the crown prince’s plan to overhaul the economy.

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.

The area will have its own airport, 2,500 ‘luxury hotel keys’, 200 retail establishments and 700 villas, the PIF added.

It will be open to international as well as domestic tourists and is projected to generate 22,000 jobs. —