The Public Investment Fund launches Gulf Coast Development Company to build an integrated tourism and residential destination spanning 20 square kilometers, with 16,000 homes, 1,400 hotel units and a 10-kilometer waterfront

Riyadh | BETH

Saudi Arabia’s Public Investment Fund has launched the Gulf Coast Development Company to develop an integrated tourism and residential destination on the Arabian Gulf coast of Al-Khafji, aiming to transform the waterfront into an urban destination attracting residents and visitors from Saudi Arabia, Kuwait and neighboring Gulf countries.

The project will span approximately 20 square kilometers, with a 10-kilometer waterfront, capitalizing on Al-Khafji’s strategic location near the Kuwaiti border and its accessibility to residents and visitors from the northern Eastern Province and other Gulf states.

Upon completion, the destination will include eight residential districts providing more than 16,000 housing units, along with around 1,400 hotel units, as well as commercial, tourism, educational and public facilities and spaces for marinas.

The project will be developed in three main phases, with the first phase scheduled for completion in 2030. It will comprise three districts designed to establish an integrated tourism and residential community and enhance quality of life in the city.

The company plans to deliver the development by attracting local and regional investors and expanding private-sector participation, in line with PIF’s drive to grow its investments in urban development and city-building, one of the six economic ecosystems identified in the Fund’s 2026–2030 strategy.

Saad Alkroud, Head of PIF’s Local Real Estate Investment Division, said the project will capitalize on Al-Khafji’s urban and logistical advantages, contribute to infrastructure development, create opportunities for local communities and strengthen partnerships with the private sector.

BETH

The project’s significance goes beyond adding another tourism destination; it places Al-Khafji more firmly on the map of coastal development and Gulf investment.

The city occupies a geographic position that gives it a market extending well beyond its local population, naturally reaching Kuwait and the northern Gulf.

When location, housing, tourism and private investment come together, a waterfront is transformed from geography into an economic asset.