PIF launches Gulf Coast Development Company; to develop Al-Khafji into a tourism hub
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Development will unfold in three phases; the first phase – scheduled for completion in 2030 – will deliver three neighbourhoods and lay the foundation for an integrated tourism-residential community that will promote sustainable growth and elevate quality of life.
PIF announced the launch of Gulf Coast Development Company to create an integrated tourist and residential destination on the Al-Khafji coast overlooking the Arabian Gulf. The new company will reportedly develop the project in partnership with the private sector – as PIF further enables and supports the private sector’s participation in its projects – and local and regional investors, responding to the rapidly growing demand for accommodation and tourism options in the northern part of Saudi Arabia’s Eastern Province.
The development will span around 20 square kilometres and feature a 10-kilometre waterfront along the Arabian Gulf. The Al-Khafji Governorate’s strategic location offers seamless access for residents and visitors from Saudi Arabia, Kuwait, and other Gulf Arab states and will contribute to creating both direct and indirect opportunities for the local community.
Upon completion, the destination will comprise eight residential neighbourhoods with more than 16,000 housing units, around 1,400 hotel keys, and a full suite of public commercial, tourism and educational facilities and dedicated boat marinas. Development will unfold in three phases; the first phase – scheduled for completion in 2030 – will deliver three neighbourhoods and lay the foundation for an integrated tourism-residential community that will promote sustainable growth and elevate quality of life.
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. Gulf Coast Development Company will capitalise 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 maximise value and deliver sustainable returns.”
