PIF Launches Developer for Al Khafji Coastal Project

Saudi Arabia's Public Investment Fund (PIF) has announced the launch of the Gulf Coast Development Company, which will oversee the development of a coastal residential and tourism project in Al Khafji. This city, located near the Kuwaiti border, is a significant oil-producing area within the Partitioned Neutral Zone. The project will span approximately 20 square kilometres along a 10-kilometre stretch of the Arabian Gulf waterfront. It will include eight residential neighborhoods with more than 16,000 homes, around 1,400 hotel rooms, commercial and tourism facilities, schools, and marinas. Construction is planned in three phases, with the first phase comprising three neighborhoods expected to be completed by 2030. The initiative is part of PIF's broader 2026-2030 strategy, focusing on urban development and livability, among other areas. The project aims to leverage Al Khafji's cultural and logistical advantages, providing new opportunities for residents and enhancing the city's infrastructure.