Amaala, a visionary giga-project by the Public Investment Fund (PIF) underway in northwest Saudi Arabia, has been incorporated as a standalone company. One of a series of mega projects announced last year as the oil-reliant kingdom seeks to diversify, Amaala has been dubbed the Riviera of the Middle East.
A statement said Amaala aims to set new standards in sustainable development while placing the kingdom on the global hospitality map, offering a “vibrant and progressive destination for wellness, the arts, recreation”.
Located within the Prince Mohammed bin Salman Natural Reserve, the 3,800 square kilometre project will blend wellness with creative and social offerings to take guests on journey of “holistic self-transformation”, it added.
The development is slated to include the world’s top hotel brands and more than 800 residential villas, apartments and estate homes, alongside 200 high-end fashion and retail establishments, a contemporary arts museum and wide variety of galleries, ateliers and artisan workshops, as well as signature dining and world-class marinas and sporting venues.
Last year, PIF announced its plans for a luxury tourism destination on its northwestern coast, saying the first phase was due to open in the fourth quarter of 2020.
Source: Arabian Business News