Saudi Public Investment Fund launches company to develop a tourist and residential destination in Al-Khafji - Sarmad

• The project will include public, commercial, tourism, and educational facilities, as well as areas designated for boat marinas

(KUNA) – The Saudi Public Investment Fund (PIF) announced on Monday the launch of “Gulf Coast Real Estate Development Company,” aimed at developing an integrated tourism and residential destination along the coast of Al-Khafji, which overlooks the Arabian Gulf, to meet the growing demand for housing and tourism options in the northern part of the Eastern Province.

In a statement, the Fund said the company will 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 statement added that Al-Khafji’s strategic location provides easy access for residents and visitors from Saudi Arabia, Kuwait, and other Gulf countries. The project will also create direct and indirect job opportunities for local residents.

It clarified that once completed, the destination will comprise eight residential neighborhoods offering more than 16,000 housing units and around 1,400 hotel units, in addition to public, commercial, tourism, and educational facilities, as well as spaces designated for boat marinas.

The statement indicated that the development of the destination will be carried out in three main phases, with the first phase expected to be completed by 2030. This phase will include three neighborhoods, contributing to the construction of an integrated tourism and residential community, enhancing sustainable development, and improving quality of life.

Quoting Saad Al-Karoud, Head of the General Department of Local Real Estate Investments at the Public Investment Fund, the statement said, “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 contribute to diversifying the Saudi economy, creating opportunities, and boosting commercial and investment activity across various cities in the Kingdom, thereby enhancing their attractiveness and positive impact on the local economy.