PIF launches Gulf Coast Development Company for Al-Khafji residential and tourism project
Quick Look
- Saudi Arabia's Public Investment Fund announced the launch of Gulf Coast Development Company to build a 20-square-kilometer residential and tourism destination in Al-Khafji, featuring over 16,000 housing units and 1,400 hotel rooms along 10 km of Arabian Gulf coastline.
- The project, developed in three phases with completion of phase one scheduled for 2030, aims to meet growing accommodation demand and strengthen private sector partnerships as part of PIF's Urban Development and Livability ecosystem.
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Why It Matters
The Public Investment Fund (PIF) is Saudi Arabia's sovereign wealth fund, which launched a 2026-2030 strategy identifying six ecosystems for investment, including Urban Development and Livability. The Al-Khafji project is part of this initiative to diversify the economy and improve quality of life through real estate development.
RIYADH — The Public Investment Fund (PIF) announced Monday the launch of Gulf Coast Development Company to develop a 20-square-kilometer residential and tourism destination in Al-Khafji, featuring more than 16,000 housing units and around 1,400 hotel rooms.
The project 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.
PIF said the development is intended to meet growing demand for accommodation and tourism options in the northern Eastern Province, while attracting residents and visitors from Saudi Arabia, Kuwait and other Gulf Arab states.
Upon completion, the destination will comprise eight residential neighborhoods, more than 16,000 housing units, around 1,400 hotel rooms, commercial and tourism facilities, educational facilities and dedicated boat marinas.
Development will take place in three phases. The first phase, scheduled for completion in 2030, 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, said the project would capitalize on Al-Khafji’s cultural and logistical advantages while creating opportunities for residents, upgrading infrastructure and strengthening private sector partnerships.
“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,” Alkroud said.
He added that Gulf Coast Development Company would help maximize value and deliver sustainable returns through partnerships with the private sector.
The project forms part of PIF’s Urban Development and Livability ecosystem, one of six ecosystems identified in its 2026-2030 strategy.
Through the ecosystem, PIF aims to invest in real estate projects that improve quality of life, support urban innovation and create sustainable, people-centered cities.
PIF said its 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.
Open Questions
- What is the total estimated investment for the Gulf Coast Development Company project?
- Which private sector partners are involved in the development?
- What specific educational facilities will be included in the destination?
- How will the project address environmental sustainability along the coastline?
