PIF Launches Gulf Coast Development Company for Al-Khafji Project

The Public Investment Fund (PIF) announced the launch of Gulf Coast Development Company to develop a 20-square-kilometer residential and tourism destination in Al-Khafji. This project will feature more than 16,000 housing units and around 1,400 hotel rooms. It will extend along 10 kilometers of the Arabian Gulf coastline in Saudi Arabia’s Eastern Province and will be developed in partnership with the private sector and local and regional investors.

The development aims to meet the growing demand for accommodation and tourism options in the northern Eastern Province, attracting residents and visitors from Saudi Arabia, Kuwait, and other Gulf Arab states. Upon completion, the destination will comprise eight residential neighborhoods, commercial and tourism facilities, educational facilities, and dedicated boat marinas.

Development will occur in three phases, with the first phase scheduled for completion in 2030. This phase will deliver three neighborhoods and establish the foundation for an integrated residential and tourism community. Saad Alkroud, Head of Local Real Estate Investments at PIF, emphasized the project's potential to capitalize on Al-Khafji’s cultural and logistical advantages while creating opportunities for residents and strengthening private sector partnerships.

The Gulf Coast Development Company project is part of PIF’s Urban Development and Livability ecosystem, one of six ecosystems outlined in its 2026-2030 strategy. Through this ecosystem, PIF aims to invest in real estate projects that improve quality of life, support urban innovation, and create sustainable, people-centered cities. PIF’s investments in urban development are intended to diversify the economy, generate opportunities, expand trade and investment, and strengthen the contribution of Saudi cities to the national economy.