Saudi Arabia’s Public Investment Fund (PIF) announced on Wednesday plans to fund a new project on its  northwestern coast, turning it into a new touristic destination.

“The new destination is a natural extension of the Mediterranean Sea, and dubbed the Riviera of the Middle East,” said the Saudi sovereign wealth fund in an emailed statement, detailing the tourism project called Amaala.

Amaala, alongside the previously announced NEOM, a 26,500 square kilometer (10,230 square mile) business zone under development in the northwest of the kingdom, is part of the giga-projects investment portfolio of PIF.

The development will feature hotels, villas, retail and an academy of the arts, marinas and a yacht club.

Nicholas Naples was named as as chief executive officer of the new development for which initial funding will be provided by PIF.

“Amaala represents a unique and transformational luxury experience,” Naples said in the statement, adding that it would include cultural, artistic, fashion and sports facilities “individually tailored for the ultra-luxury lifestyle”.

Amaala’s twitter page said: “Amaala will sit alongside NEOM, The Red Sea Project and Qiddiya as part of the giga-projects investment portfolio, helping to establish a unique tourism ecosystem, supporting economic diversification and creating high-value job opportunities.”