PIF's AMAALA incorporates as standalone firm in Saudi Arabia
Once developed, AMAALA will include 2,500 hotel rooms, and more than 800 residential villas, apartments, and estate homes
Saudi Arabia’s Crown Prince HRH Mohammed bin Salman bin Abdulaziz Al Saud-led Public Investment Fund’s (PIF) gigaproject, the 3,800km2 AMAALA taking shape in north-western coast of the kingdom has been incorporated as a standalone company.
The gigaproject, which is also referred to as the Riviera of the Middle East, is located within the Prince Mohammed bin Salman Natural Reserve.
Once developed, AMAALA will include, 2,500 hotel rooms, and more than 800 residential villas, apartments, and estate homes, in addition to 200 fashion and retail brands.
A contemporary arts museum and wide variety of galleries, ateliers, and artisan workshops, restaurants, marinas and sporting facilities have also been planned for the project.
In January 2019, Construction Week reported that Phase 1 of AMAALA is planned to be opened in Q4 2020, with project completion being set for 2028.
Construction Week cited PIF, who said at that time, AMAALA was expected to generate 22,000 jobs across the hospitality and tourism, leisure, and retail sectors.
AMAALA, which is headed up by chief executive officer, Nicholas Naples, is expected to feature “extraordinary architecture and unprecedented luxury” within its hotels and private villas.