Saudi Arabia’s Public Investment Fund (PIF) has launched Gulf Coast Development Co. to develop an integrated tourism and residential destination in Khafji on the Arabian Gulf coast, the sovereign wealth fund said on Monday.
The project will cover about 20 square kilometers and include a 10-km waterfront, with development carried out in partnership with the private sector and local and regional investors, PIF said.
The destination will comprise eight residential neighborhoods with more than 16,000 housing units, about 1,400 hotel rooms, public, commercial, tourism and educational facilities, as well as boat marinas.
Development will take place in three phases, with the first phase, comprising three neighborhoods, scheduled for completion in 2030.
PIF said the project aims to meet growing demand for accommodation and tourism options in northern Saudi Arabia’s Eastern Province. Khafji’s location provides access to residents and visitors from Saudi Arabia, Kuwait and the wider Gulf.
Saad Alkroud, head of local real estate investments at PIF, said the project would create opportunities for local residents, improve the city’s infrastructure and strengthen private-sector partnerships.
The development forms part of PIF’s urban development and livability investments, which seek to support private-sector participation and generate long-term value.
