Dubai investment firm Najibi Group has unveiled plans for a AU$400m (US$300.7m, €270.4m, £226.3m) “active lifestyle” destination in Queensland, Australia.

Najibi recently launched its new Australian investment and development offshoot Sanad Capital, which has been created to serve as a springboard for a diverse range of projects on the Sunshine Coast.

The firm’s first project will be a community lifestyle and tourism hub “never-before seen in Australia”, according to Sanad.

The multi-million dollar project will feature a world-first “wave reservoir”, waterpark, extreme water facilities and an Olympic-standard training centre. Additionally the mixed-use development will have a 4-star hotel, conference and exhibition centre, restaurants and retail elements.

"This project marks a major milestone in Najibi's strategy to diversify its interests and investments,” said Najibi chair Talal Najibi. “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."

According to Sanad, if the project gains approval from the Sunshine Coast Council, construction will start in 2017, with further details to be released later in the year. The development is expected to inject AU$30m (US$22m, €20m, £16.5m) into the local economy each year.