PIF Launches Real Estate Company for Al-Khafji Project

Saudi Arabia’s Public Investment Fund (PIF) has launched a real estate company to develop a tourist and residential destination in the country’s Eastern Province. The Gulf Coast Development Company and the private sector will collaborate on the project on the Arabian Gulf’s Al-Khafji coast, in the northern part of the province, a PIF statement said. The project will span around 20 square kilometres and feature a 10km waterfront. Upon completion, the destination will comprise eight residential neighbourhoods with more than 16,000 housing units, 1,400 hotel keys, commercial, tourism and educational facilities and marinas. Development will be completed in three phases, with the first due to finish in 2030, delivering three neighbourhoods. The project is the first of its kind directly funded by PIF this year. “Through its local real estate projects, PIF continues to unlock the potential of strategic sectors and strengthen the private sector’s role as an effective partner in economic growth,” said Saad Alkroud, head of local property investments at PIF. Gulf Coast Development Company will capitalise on Al-Khafji’s cultural and logistical advantages, he added. The investment falls under PIF’s urban development and liveability segment, one of six new areas revealed in PIF’s 2026-30 strategy, with enhancement of life quality a key objective of the Vision 2030 blueprint.