Saudi Public Investment Fund launches company to develop a tourist and residential destination in Al-Khafji
Riyadh, Sept 7 (KUNA) -- The Saudi Public Investment Fund (PIF) announced on Monday the launch of “Gulf Coast Real Estate Development Company,” aimed at developing an integrated tourist and residential destination along the coastline of Al-Khafji, which overlooks the Arabian Gulf, to meet the growing demand for housing and tourism options in the northern Eastern Province.
In a statement, the fund said the company would attract local and regional investors and strengthen partnerships with the private sector. It noted that the project spans an area of approximately 20 square kilometers, with a waterfront stretching 10 kilometers along the Arabian Gulf coast.
The fund added that Al-Khafji’s strategic location provides easy access for residents and visitors from Saudi Arabia, Kuwait, and other Gulf countries. The project is also expected to create direct and indirect job opportunities for local residents.
It clarified that, upon completion, the destination will include eight residential neighborhoods offering more than 16,000 housing units, around 1,400 hotel units, as well as public, commercial, tourist, and educational facilities, along with dedicated marina spaces.
The development of the destination will be carried out in three main phases, with the first phase scheduled to conclude in 2030. This phase will encompass three neighborhoods, contributing to the creation of an integrated tourist and residential community, enhancing sustainable development, and improving quality of life.
The statement quoted Saad Al-Karoud, Head of the General Department for Local Real Estate Investments at the Public Investment Fund, saying, “The project will leverage the competitive urban and logistical advantages of Al-Khafji Governorate, contribute to infrastructure development, create opportunities for local residents, and strengthen partnerships with the private sector.”
The fund emphasized that its real estate investments support the diversification of the Saudi economy, create opportunities, and boost commercial and investment activity across various cities in the kingdom, thereby enhancing their attractiveness and positive impact on the local economy. (End)
