The Public Investment Fund announced yesterday the launch of “Gulf Coast Real Estate Development”; with the aim of developing an integrated tourism and residential destination on the coast of Al-Khafji, overlooking the Arabian Gulf; this initiative is intended to meet the growing demand for housing and tourism options in the northern part of the Eastern Province of the Kingdom.
The company plans to carry out its projects by attracting local and regional investors, in partnership with the private sector, whose participation in the Fund’s projects it continues to enable and support.
Strategic Location of the Project
The project will span an area of approximately 20 square kilometers, with a 10-kilometer waterfront along the Arabian Gulf coast. It benefits from the strategic location of Al-Khafji Governorate, which provides easy access for residents and visitors and contributes to creating direct and indirect opportunities for the region’s residents.
The Public Investment Fund invests, as part of the “Urban Development and Planning” framework, in numerous real estate projects in partnership with the private sector to maximize long-term value and promote innovation in urban development. Investments within this framework aim to enhance quality of life and contribute to the development of advanced, sustainable, and people-centered cities.
The Urban Planning and Development System is one of the six economic systems announced by the Fund as part of its 2026–2030 strategy.
Upon completion, the destination is expected to comprise eight residential neighborhoods, providing more than 16,000 residential units and approximately 1,400 hotel units, in addition to public, commercial, tourism, and educational facilities, and areas designated for boat marinas. The destination will be developed in three main phases, with the first phase—comprising three neighborhoods—scheduled for completion in 2030, thereby contributing to the creation of an integrated tourism and residential community that promotes sustainable development and enhances quality of life.
Real Estate Projects Supporting Economic Development
Saad Al-Karoud, Head of the General Department of Local Real Estate Investments at the Public Investment Fund, said: “Through its projects in the local real estate sector, the Public Investment Fund continues to stimulate and unlock the potential of strategic sectors, and strengthen their integration within the Fund’s six economic systems outlined in the 2026 – 2030 strategy and increasing the Fund’s role as an active partner in economic development. Gulf Coast Real Estate Development Company will benefit from Al-Khafji’s competitive urban and logistical advantages, and its project will help create opportunities for the region’s residents and develop the city’s infrastructure, in addition to strengthening partnerships with the private sector, thereby maximizing value and generating sustainable returns.”
The Public Investment Fund’s investments contribute to development at the local level, supporting efforts to diversify the economy, create opportunities, and boost commercial and investment activity in various cities across the Kingdom; this increases their appeal, enhances their positive impact on the local economy, and facilitates the transfer of expertise and knowledge in various fields.
The Public Investment Fund is considered one of the most influential global investors and operates under a long-term strategy aimed at leading the Kingdom’s economic transformation and achieving sustainable returns.
The Public Investment Fund Launches «Gulf Coast Real Estate Development Company» to Create a New Coastal Destination
The project covers 20 square kilometers in Al-Khafji and will provide 16,000 residential units and 1,400 hotel rooms upon completion of its three phases.
