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Janet Jackson and her billionaire boyfriend Wissam Al Mana are engaged.

Al Mana, a luxury-brand mogul from Qatar, proposed earlier this year giving her a “huge, expensive ring,” a source tells Us Weekly.

“She’s afraid it will get lost, so she keeps it locked up!”

The 46-year-old entertainer and 37-year old managing director of Al Mana Retail are reportedly planning a spring wedding in Qatar, and Wissam will be “flying in all of Janet’s friends and family on private jets.”

The affair “will cost millions,” according to a source. “He wants to get a top chef to create a custom menu.”

The couple have been dating two years. This will be Jackson’s third marriage. She was previously married to James DeBarge and Rene Elizondo.

photo via Janet Jackson’s Twitter