Saudi Sovereign Fund Plans to Build 'Riviera of the Middle East' - Bloomberg:
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 Public Investment Fund said it will provide the initial funding for the development of "Amaala," a 3,800 square kilometer project that will be focused on "wellness, healthy living and meditation." Private companies will be expected to provide the rest of the funding and operate the project’s facilities, the fund said in a statement late on Wednesday, without specifying the scale of investment.
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