– PIF launches Gulf Coast Development Company to develop an integrated tourism and residential destination on the Al-Khafji coast overlooking the Arabian Gulf.
– The project will be developed in partnership with the private sector and local and regional investors, expanding private-sector participation in PIF projects.
– The development will cover approximately 20 sq. km, with a 10 km waterfront along the Arabian Gulf.
– Al-Khafji’s location provides access to residents and visitors from Saudi Arabia, Kuwait and other Gulf states.
– The project is expected to create direct and indirect economic opportunities for the local community.
– The destination will include:
◻️ 8 residential neighborhoods
◻️More than 16,000 housing units
◻️Around 1,400 hotel keys
◻️Commercial, tourism and educational facilities
◻️Dedicated boat marinas
– Development will take place in three phases, with the first phase scheduled for completion in 2030.
– Phase one will deliver three residential neighborhoods and establish the foundations for an integrated tourism and residential community.
– The project forms part of PIF’s Urban Development & Livability ecosystem, one of six new ecosystems under its 2026–2030 strategy.
– PIF says the ecosystem focuses on urban innovation, quality of life, modern living and sustainable, people-centered cities.
– Saad Alkroud, Head of Local Real Estate Investments at PIF, said the project will leverage Al-Khafji’s cultural and logistical advantages while upgrading infrastructure and strengthening private-sector partnerships.
– PIF expects its local real estate investments to support economic diversification, new opportunities, trade and investment, while transferring expertise across sectors.
– The project is positioned as a long-term investment designed to maximize value creation and deliver sustainable returns.
