Riyadh - Sharikat Mubasher: Saudi Arabia’s Public Investment Fund (PIF) launched Gulf Coast Development Company to establish an integrated tourist and residential destination in Al-Khafji.
The new company will develop the project in partnership with the private sector and local and regional investors, meeting the growing demand for accommodation and tourism options in the Eastern Province, the PIF stated in a press release yesterday.
The project will span around 20 square kilometers and feature a 10-kilometer waterfront along the Arabian Gulf, leveraging Al-Khafji Governorate’s strategic location.
The development of the project will unfold in three phases. The first phase, expected to be completed in 2030, will deliver three neighborhoods 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: “Gulf Coast Development Company will capitalize 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 maximize value and deliver sustainable returns.”
Upon completion, the destination will comprise eight residential neighborhoods 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.
