صندوق الاستثمارات العامة السعودي يطلق Gulf Coast Development Company في الخفجي

Saudi Arabia’s Public Investment Fund (PIF) has established Gulf Coast Development Company to develop an integrated tourism and residential destination on the Al-Khafji coast, a project that will cover roughly 20 square kilometres and deliver a 10‑kilometre waterfront along the Arabian Gulf. The development is planned in partnership with the private sector and local and regional investors, and will include more than 16,000 housing units, about 1,400 hotel keys, public commercial and educational facilities, dedicated boat marinas and eight residential neighbourhoods delivered across three phases, with the first phase — comprising three neighbourhoods — expected to be completed by 2030.

"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. Gulf Coast Development Company will capitalize on Al-Khafji’s cultural and logistical advantages. 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,” said Saad Alkroud, Head – Local Real Estate Investment Division, PIF.

The new vehicle, Gulf Coast Development Company, sits within PIF’s Urban Development and Livability ecosystem, one of six ecosystems introduced in PIF’s 2026‑2030 strategy designed to channel investment into projects that enhance quality of life and urban innovation. The fund said the project will respond to growing accommodation and tourism demand in the northern Eastern Province and is intended to attract both domestic and regional visitors, leveraging Al-Khafji Governorate’s strategic location and access for residents and travellers from Saudi Arabia, Kuwait and other Gulf states.

• Site area: approximately 20 square kilometres
• Waterfront: 10 kilometres along the Arabian Gulf
• Housing: more than 16,000 units across eight neighbourhoods
• Hotel inventory: roughly 1,400 keys
• Delivery: three phases; first phase (three neighbourhoods) targeted for completion by 2030
• Facilities: commercial, tourism, educational assets and boat marinas

PIF emphasised that the Gulf Coast Development Company will pursue private‑sector partnerships to maximize long‑term value realisation and advance urban innovation, aligning with the fund’s stated aim to modernise living standards and create people‑centred, sustainable cities. The project’s mix of residential, hospitality and public amenities is being positioned to create both direct employment and wider indirect opportunities for the local community through upgraded infrastructure and new service demand.

Execution will be phased to allow early delivery of core neighbourhoods and hospitality capacity, with the 2030 milestone establishing the foundation for a broader tourism and residential community. The PIF’s approach signals continued emphasis on mobilising private capital and regional investors for large coastal and urban developments, while planners will need to coordinate infrastructure, transport links and environmental safeguards as the scheme moves from planning to construction.

Looking ahead, the Gulf Coast Development Company aims to position Al-Khafji as a cross‑border destination for Gulf visitors and residents, leveraging its coastal assets and connectivity to neighbouring states. With the first phase scheduled for completion by 2030, the project will be an early test of PIF’s Urban Development and Livability ecosystem in delivering sizable, phased real estate and tourism projects outside Saudi Arabia’s major metropolitan centres.