In September 2018, Saudi Arabia’s PIF unveiled Amaala, a 3,800km2 gigaproject that will serve as an “uber-luxury” wellness tourism destination. Located on Saudi Arabia’s northwestern coast, Amaala will “sit alongside Neom and The Red Sea Project as part of the gigaprojects investment portfolio” that PIF is rolling out to meet the goals of Vision 2030.
At the time of the project’s launch, PIF said that Amaala’s groundbreakingwould be held in Q1 2019, with Phase 1 to open in Q4 2020. Amaala’s completion is set for 2028, and PIF said the gigaproject would generate 22,000 jobs across the hospitality, tourism, leisure, and retail sectors, as well as support opportunities in the “construction and ancillary industries”.
A dedicated airport, 2,500 luxury hotel rooms, 200 retail establishments, art galleries, marinas, and 700 villas will be developed within Amaala. PIF – which is led by Crown Prince Mohammed bin Salman Al-Saud – will provide initial funding for the project, and spearhead its development within the Prince Mohammed bin Salman Natural Reserve.
In September 2018, PIF said that it would offer “attractive partnership and investment packages” for investors to participate in Amaala, described as “a natural extension” of the Mediterranean Sea. Nicholas Naples was named chief executive officer of Amaala by PIF.