Published on : Friday, September 28, 2018
As per the statement, Amaala will be planned and designed as a destination for those looking for transformative personal journeys that are inspired by the arts, wellness and the purity of the Red Sea.
It “will form a unique global destination on the jet-setters map,” added PIF.
By the end of 2020, Phase 1 of the project will be opened. Project completion is set for 2028.
PIF stated that Amaala was anticipated to churn out 22,000 jobs all over the hospitality and tourism, leisure, and retail sectors. This would support the opportunities it will generate in the “construction and ancillary industries”.
Amaala, together with the previously declared NEOM, a 26,500 square kilometer is part of the giga-projects investment portfolio of PIF, the statement said, mentioning that “as the project progresses, attractive partnership and investment packages will be available for the private sector.”
Amaala will have hotels, private villas, retail and an academy of the arts, marinas and a yacht club, it said.
PIF named Nicholas Naples as the chief executive officer of the new development for which initial financing will be provided by the Fund.
While mentioning the news, Naples stated that Amaala will inspire the world’s imagination by rephrasing the current concept of the luxury tourism experience, particularly related to integrative wellness, specialty treatments, and related recreational offerings.