Honestly, there’s nothing of substance in Na’ama Bay. The biggest activity (besides eating, drinking, and lazing about on the beach) is shopping. There are literally shops on every street, with shopkeepers begging you to come inside “for a look”. Don’t forget to haggle!
Another great thing about the area is the atmosphere. It seems to always be lively, especially after dark. People are out and about enjoying themselves, and street performers will often pop up out of nowhere.