Saudi PIF Creates New Company to Develop 20-Sq-Km Gulf Coast Destination
Saudi Arabia’s Public Investment Fund (PIF) has launched Gulf Coast Development Company, a new firm that will develop a tourism and residential destination in Al-Khafji on the Arabian Gulf coast.
In a statement issued on Monday, PIF said the development will cover around 20 square kilometres and include a 10-kilometre waterfront, with plans for residential communities, hotels, tourism facilities, commercial areas and educational infrastructure.
The project is expected to expand Al-Khafji’s role as a coastal destination in the northern part of Saudi Arabia’s Eastern Province. Its location near Kuwait also gives the development access to a wider Gulf market.
PIF said Gulf Coast Development Company will work with private-sector partners as well as local and regional investors. The initiative is intended to increase residential and tourism options in the area while creating new opportunities for investment and local economic activity.
The planned destination will comprise eight residential neighbourhoods with more than 16,000 housing units and around 1,400 hotel rooms. The development will also include boat marinas, commercial and tourism facilities, and educational infrastructure.
Construction will be carried out in three phases, with the first phase targeted for completion in 2030. It will include three residential neighbourhoods and establish the first part of the wider destination.
The new company falls under PIF’s Urban Development and Livability ecosystem, one of the six economic ecosystems included in the fund’s 2026–2030 strategy. PIF said investments under the ecosystem are aimed at supporting urban development, improving quality of life and creating opportunities for private-sector participation.
Saad Alkroud, Head of Local Real Estate Investments at PIF, said the development would build on Al-Khafji’s cultural and logistical advantages while supporting infrastructure improvements and creating opportunities for the local community.
The project adds to PIF’s growing portfolio of domestic real-estate and tourism developments as Saudi Arabia continues to attract private investment into new urban centres and destinations as part of its broader economic diversification strategy.
PIF did not disclose the total investment value of the Al-Khafji development.






