PIF unveils Riviera of the Middle East

The Public Investment Fund (PIF), the Kingdom's sovereign wealth fund, on Wednesday launched "Amaala," an ultra-luxury destination on the northwestern coast of Saudi Arabia.

The new destination, which will focus on wellness, healthy living, and meditation, is being dubbed "the Riviera of the Middle East," the Center for International Communication (CIC) said in a statement.

Amaala, alongside the previously announced $500 billion NEOM and  The Red Sea Project, is part of the giga-projects investment portfolio of PIF. The initiatives are part of the Vision 2030 plan which aims to boost tourism and diversify the economy away from oil.

According to the statement, the PIF will provide the initial funding and spearhead the development located in the Prince Mohammed bin Salman Nature Reserve.

While the statement did not reveal the size of the investment, it said that "as the project progresses, attractive partnership and investment packages will be available for the private sector.”

The mega project will feature hotels, private villas, retail, an academy of the arts, marinas and a yacht club. The retail establishments will include galleries, ateliers, artisan workshops along with a wide range of international and local signature dining venues.

Meanwhile, Nicholas Naples, a veteran luxury hospitality and development executive, has been named as the chief executive officer.

“Amaala will awaken the world’s imagination by rephrasing the current concept of the luxury tourism experience, especially in terms integrative wellness, specialty treatments and related recreational offerings," he said.

“Amaala represents a unique and transformational luxury experience where full-fledged wellness tourism is integrated alongside a curated mix of arts, culture, and sports offerings that are individually tailored for the ultra-luxury lifestyle, including the availability of a fashion scene, healthy-living services, and year-round sea expeditions," Naples added.