Saudi PIF creates development company for Al-Khafji coast
Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has established Gulf Coast Development Company to develop a coastal residential and tourism project in Al-Khafji near the border with Kuwait. The National reports.
Project parameters
The company will develop an area of about 20 square kilometres along a 10-kilometre stretch of the Arabian Gulf coast. The plan includes eight residential districts with more than 16,000 homes, hotels with approximately 1,400 rooms, commercial and tourism facilities, schools and marinas.
Construction will be carried out in three stages. The first three districts, which are expected to form the centre of the development, are planned for completion in 2030. PIF did not disclose the project’s cost.
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Al-Khafji and the fund’s strategy
Al-Khafji is located about 10 kilometres south of the Kuwaiti border and 130 kilometres from Kuwait City. The governorate, with a population of about 84,000 people, is a centre of oil production in the Divided Neutral Zone, whose hydrocarbon resources are shared equally by Saudi Arabia and Kuwait.
PIF’s head of local real estate investments, Saad Al-Kroud, said the company would use Al-Khafji’s cultural and logistical advantages, create opportunities for residents, modernise infrastructure and develop partnerships with the private sector. PIF said the project is intended to meet demand for housing and tourist accommodation in the northern part of the Eastern Province.
Gulf Coast Development Company is part of the urban development and quality-of-life ecosystem, one of the six areas of PIF’s 2026–2030 strategy, which the fund’s board approved in April.
