Saudi Arabia launches company to develop an integrated tourist and residential destination in Al-Khafji
- The project spans 20 square kilometers and includes more than 16,000 residential units and 1,400 hotel units
Saudi Arabia’s Public Investment Fund (PIF) announced on Monday the launch of “Gulf Coast Real Estate Development Company” to develop an integrated tourist and residential destination along the coast of Al-Khafji, which overlooks the Arabian Gulf, in response to growing demand for housing and tourism options in the northern 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 covers an area of approximately 20 square kilometers, with a 10-kilometer waterfront along the Arabian Gulf coast.
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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 employment opportunities for local residents.
It clarified that the completed destination will feature eight residential neighborhoods offering more than 16,000 residential units and around 1,400 hotel units, in addition to public, commercial, tourist, and educational facilities, as well as 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 and comprising three neighborhoods. This phased approach aims to build an integrated tourist and residential community, promote sustainable development, and enhance quality of life.
The statement quoted Saad Al-Karoud, Head of 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, generate opportunities, and boost commercial and investment activity across various cities in the Kingdom, thereby enhancing their attractiveness and positive impact on the local economy.
