Saudi Arabia Unveils New Development Company to Revitalize Coastal City

Saudi Arabia's Public Investment Fund (PIF) has launched a new development company to deliver an integrated residential and tourism destination in Al-Khafji, a coastal city in the country's Eastern Province. The Gulf Coast Development Company will transform the Al-Khafji coastline into a vibrant urban hub for both Saudi Arabia and its neighboring Gulf Arab states.

Spanning approximately 20 square kilometers with a 10-kilometer waterfront overlooking the Arabian Gulf, the project aims to offer eight residential neighborhoods, around 1,400 hotel rooms, and a range of public commercial, tourism, and educational facilities. The development will be carried out in partnership with the private sector and is expected to generate new opportunities for the region's residents.

The PIF's Vision 2030 aims to diversify the economy and reduce reliance on oil, targeting 150 million visits annually by 2030. Since opening to tourism in 2019, Saudi Arabia has become one of the fastest-growing markets globally. The project will be carried out in three phases, with the first phase including three neighborhoods and the foundation for an integrated tourism and residential community, scheduled for completion in 2030.

Gulf Coast Development Company will capitalize on Al-Khafji's cultural and logistical advantages, according to Saad Alkroud, head of local real estate investments at PIF. 'The company's project will generate new opportunities for the region's residents, upgrade the city's infrastructure and deepen private sector partnerships that maximize value and deliver sustainable returns.'