Saudi Arabia’s Public Investment Fund (PIF) has released details of plans to build a tourism destination for high-end travellers on the northern Red Sea coast.
Known as Amaala, the project will be developed on three sites between Dibha and Alwajh. They will cover an area of more than 3,800 square kilometres within the Prince Mohammed bin Salman Natural Reserve.
The development is planned to include more than 2,500 hotel rooms, 700 residential villas, apartments and estate homes, as well as more than 200 shops and restaurants. Other components of the project include marinas and art galleries.
PIF says it plans to break ground on the project during the first quarter of 2019.
The initial funding will be provided by PIF, and as the project progresses, partnership and investment packages will be made available for the private sector.
Nicholas Naples has been appointed as the CEO for Amaala. He will lead development and operations for the project.
Amaala joins two other major projects planned by PIF for the Red Sea coast. They are the $500bn Neom City development and the Red Sea project.
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