Photo: ReutersRiyadh: Saudi Arabia’s sovereign wealth fund plans to build an ‘ultra-luxury’ destination for international tourists in addition to two other mega-projects already planned for the kingdom’s Red Sea coast. The fund has already announced plans for another tourism development called the Red Sea Project and is spearheading efforts to develop Neom, a $500 billion futuristic city being built from scratch. “All of the developments on the Red Sea are intended to coexist in a complementary manner,” the PIF said. The sovereign wealth fund described Amaala as the ‘newest destination on the jet-setter map,’ with hotels and private villas alongside arts, sports and culture offerings, plus marinas and a yacht club. The area will have its own airport, 2,500 ‘luxury hotel keys,’ 200 retail establishments and 700 villas, the PIF added.

Source: Mint September 27, 2018 12:22 UTC