PIF launches Gulf Coast Development to build integrated coastal destination in Al-Khafji

The Public Investment Fund (PIF) announced today, Sept. 7, the launch of Gulf Coast Development Co. to develop an integrated tourist and residential destination along the Khafji coast overlooking the Arabian Gulf.

The move came in response to the rapidly growing demand for accommodation and tourism options in northern Saudi Arabia’s Eastern Province, PIF said in a statement.

The new company will develop the project in partnership with the private sector and local and regional investors, as PIF continues to enable and support private-sector participation in its projects.

The project will span around 20 square kilometers and feature a 10-kilometer waterfront along the Arabian Gulf. Khafji’s strategic location offers easy access for residents and visitors from Saudi Arabia, Kuwait, and the wider Gulf, while creating direct and indirect opportunities for the local community.

Upon completion, the project will comprise eight residential neighborhoods with more than 16,000 housing units, around 1,400 hotel keys, and a full suite of public, commercial, tourism, and educational facilities, in addition to dedicated boat marinas.

The destination will be developed over three main phases, with the first phase scheduled for completion in 2030. It will include three neighborhoods and lay the foundation for an integrated tourism and residential community that promotes sustainable growth and enhances quality of life.

Saad Alkroud, Head of Local Real Estate Investments at PIF, said Gulf Coast Development will capitalize on Khafji’s cultural and logistical advantages. He added that the project will create new opportunities for local residents, upgrade the city’s infrastructure, and deepen partnerships with the private sector to maximize value and deliver sustainable returns.

Under its Urban Development and Livability ecosystem, PIF invests in real estate projects in partnership with the private sector to maximize long-term value realization and advance urban innovation.