Saudi Arabia's Public Investment Fund (PIF) said it has launched a real estate company to create an integrated tourist and residential destination on the Al-Khafji coastline on the Arabian Gulf. Gulf Coast Development Company will develop the project in partnership with the private sector and local and regional investors, PIF said in a statement on Monday. The project, spanning around 20 square kilometers with a 10-km waterfront, is expected to accommodate more than 16,000 housing units alongside hotels and other commercial facilities. “The Al-Khafji Governorate’s strategic location offers seamless access for residents and visitors from Saudi Arabia, Kuwait, and other Gulf Arab states and will contribute to creating both direct and indirect opportunities for the local community,” said the statement. “Within its Urban Development and Livability ecosystem, PIF is investing in real estate projects in partnership with the private sector to maximize long-term value realization and advance urban innovation,” it said. “Projects in this ecosystem will further enhance quality of life, modernize living, and create people-centered and sustainable cities through coordinated investments,” PIF added. According to the statement, the project’s development will unfold in three phases. The first phase, which is scheduled for completion in 2030, will deliver three neighborhoods and lay the foundation for an integrated tourism-residential community. "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,” said PIF’s Head of Local Real Estate Investments Saad Alkroud. “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,” he added. PIF’s Urban Development & Livability ecosystem is one of six new ecosystems revealed in PIF’s 2026-2030 strategy.
