Janet Jackson is betrothed to a billionaire. 

Us Weekly reports that Jackson and her boyfriend Wissam Al Mana are engaged, and a source told the magazine that Al Mana "gave her a huge, expensive ring" earlier this year.

"She's afraid it will get lost, so she keeps it locked up!" the source added.

Another source reveals that the two plan to marry in the spring of 2013 in Al Mana's home country of Qatar, the small Persian Gulf state. He will reportedly fly Janet's friends and family on private jets.

"He wants to get a top chef to create a custom menu," the source said. 

The gala, projected to "cost millions" is expected to be "a circus," according to a second source. 

This will be Jackson's third marriage. The singer was also notably dating Jermaine Dupri for many years, but the two split in 2009. 

Al Mana, whom is 11 years Jackson's junior at 37, comes from a wealthy family that runs 50 companies in the Gulf region, including ventures in real estate, automotive distribution, engineering and construction, retail, food services and media, according to Extra

The billionaire runs his own company, Al Mana Luxury Company, and serves as director of fashion portfolios, alongside two of his brothers.

Extra asserts that despite being worth $200 million, Al Mana is quite laid back and usually wears jeans and sneakers to work. His interests include photography and design.