PIF Unveils 20 Square Kilometre Tourism and Residential Project in Al-Khafji

The Public Investment Fund has launched Gulf Coast Development Company to develop a 20 square kilometre residential and tourism destination in Al-Khafji, in Saudi Arabia’s Eastern Province, extending along 10 kilometres of Arabian Gulf coastline. The project will be developed in partnership with the private sector and local and regional investors.

According to PIF, the development addresses demand for accommodation and tourism options in the northern Eastern Province, aiming to attract residents and visitors from Saudi Arabia, Kuwait and other Gulf states. On completion, the destination will comprise eight residential neighbourhoods, more than 16,000 housing units, and around 1,400 hotel rooms. PIF said the investment supports economic diversification and aims to expand trade, investment, and the contribution of Saudi cities to the national economy.