Saudi Arabia's Public Investment Fund (PIF) has launched a new development company to deliver an integrated residential and tourism destination in Al-Khafji.
Gulf Coast Development Company will transform the Al-Khafji coastline in Saudi Arabia’s Eastern Province into a vibrant urban hub for the kingdom and its neighbouring Gulf Arab states.
Overlooking the Arabian Gulf, the project spans around 20 square kilometres with a 10-kilometre waterfront.
Upon completion, it will offer eight residential neighbourhoods, as well as around 1,400 hotel rooms, and a full suite of public commercial, tourism and educational facilities.
The new Gulf Coast Development Company will deliver the project in partnership with the private sector.
From Qiddiya to The Red Sea, Saudi Arabia is creating a host of giga-projects and attractions as part of the PIF's Vision 2030, which aims to diversify the economy and reduce reliance on oil.
Saudi Arabia is working to reach 150 million visits annually by 2030. Since opening to tourism in 2019, it has become one of the fastest-growing markets globally.
"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 Saad Alkroud, head of local real estate investments at PIF.
PIF's Vision 2030
"Gulf Coast Development Company will capitalize on Al-Khafji’s cultural and logistical advantages," Alkroud added.
"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.”
The project will be carried out in three phases. Scheduled for completion in 2030, the first includes three neighbourhoods and the foundation for an integrated tourism and residential community.
