Riyadh - Mubasher: The Saudi Public Investment Fund (PIF) has launched the Gulf Coast Development Company to develop an integrated tourism and residential destination along the Al Khafji coast overlooking the Arabian Gulf.
The project will be implemented in partnership with the private sector, as well as local and regional investors, as part of PIF’s efforts to expand private-sector participation in its projects and meet growing demand for residential and tourism offerings in the northern part of the Eastern Province.
It will span around 20 square kilometers and feature a 10-kilometer waterfront along the Arabian Gulf.
Located in Al Khafji Governorate, the destination will offer convenient access for residents and visitors from Saudi Arabia, Kuwait, and other Gulf countries, while creating direct and indirect economic opportunities for the local community.
Projects in this ecosystem will further enhance quality of life, modernize living, and create people-centered and sustainable cities through coordinated investments.
The development will be carried out in three phases, with the first phase scheduled for completion in 2030. It will deliver three residential neighborhoods and establish the foundation for an integrated tourism and residential community focused on sustainable growth and quality of life.
Upon completion, the destination is expected to include eight residential neighborhoods with more than 16,000 housing units, approximately 1,400 hotel keys, public commercial, tourism, and educational facilities, as well as dedicated boat marinas.
Saad Alkroud, Head of Local Real Estate Investments at PIF, said: "Through its local real estate projects, PIF continues to unlock the potential of strategic sectors, deepen their integration within the six ecosystems outlined in PIF’s 2026‑2030 strategy, and strengthen the private sector’s role as an effective partner in economic growth.”
He added: “Gulf Coast Development Company will capitalize on Al Khafji’s cultural and logistical advantages. The company’s project will generate new opportunities for the region’s residents, upgrade the city’s infrastructure and deepen private sector partnerships that maximize value and deliver sustainable returns.”
