Saudi Arabia’s Public Investment Fund has launched a new entity, Gulf Coast Development Company, to create an integrated tourist and residential destination on the Al Khafji coast overlooking the Arabian Gulf. 

The new company will develop the project in partnership with the private sector  and local and regional investors, responding to the rapidly growing demand for accommodation and tourism options in the northern part of Saudi Arabia’s Eastern Province.

The development will span around 20 sq km and feature a 10-km waterfront along the Arabian Gulf. The Al Khafji Governorate’s strategic location offers seamless access for residents and visitors from Saudi Arabia, Kuwait, and other Gulf states and will contribute to creating both direct and indirect opportunities for the local community.

Upon completion, the destination will comprise eight residential neighbourhoods with more than 16,000 housing units, around 1,400 hotel keys, and a full suite of public commercial, tourism and educational facilities and dedicated boat marinas. 

Development will unfold in three phases; the first phase, scheduled for completion in 2030, will deliver three neighbourhoods and lay the foundation for an integrated tourism-residential community.

Within its Urban Development and Livability ecosystem – one of six new ecosystems revealed in PIF’s 2026-2030 strategy – PIF is investing in real estate projects in partnership with the private sector to maximise long-term value realisation and advance urban innovation. 

Projects in this ecosystem are designed to further enhance quality of life, modernise living, and create people-centered and sustainable cities through coordinated investments.