Dubai-based business conglomerate Najibi Group has announced its very first venture on Australia's Sunshine Coast - an A$400 million ($299.6 million) 'active lifestyle' destination, inspired by Asia's high-profile tourist hotspots.

The news follows the recent opening of its new investment and development company Sanad Capital in Australia.

Influenced by major action sports projects, water parks and entertainment hubs across Asia,  it will serve up a memorable, family-friendly experience to locals as well as tourists," said Sanad Capital's chief executive Bradley P. Sutherland.

The tourist attraction will also bolster the local economy: as per an economic benefits and analysis report produced by Brisbane-based economic consultancy and market research firm Urban Economics earlier this year, the new venture will generate 2,000 direct and indirect jobs during its construction phase, and will generate a further A$29 million ($21.7 million) annually in salaries and wages post completion.

The report further notes that the project will inject A$60 million ($44.9 million) into the region's economy for each year of construction - totaling A$260 million ($194.7 million) during construction - and upon completion it will add A$30 million ($22.4 million) per annum thereafter.

Talal Y. Najibi, executive chairman of Najibi, said: "This project marks a major milestone in Najibi's strategy to diversify its interests and investments. We feel this is the right time to invest in Australia. The Sunshine Coast is rife with opportunities, and we are confident that this project will be extremely successful."

The Sunshine Coast project will comprise a world's first 'Wave Reservoir', a world-class waterpark - the first of its kind in Australia - and water sports facilities, a sports centre, an events area, a hotel, a function centre, restaurants and retail outlets.

Further details on the development will be released later this year and construction is set to begin in 2017. - TradeArabia News Service