Saudi Public Investment Fund have launched the Gulf Coast Development Company to create an integrated residential and tourist destination. The company will administer the project in partnership with the private sector on the Al-Khafji coast overlooking the Arabian Gulf.
Saudi Public Investment Fund Supporting Private Sector Participation
The development was revealed in response to growing demand for accommodation options in the northern part of the Eastern Province. The Saudi Public Investment Fund supports the private sector’s participation in its projects and includes local and regional investors. Accordingly, the venture will span 20 square kilometres and features a 10 kilometre waterfront section along the shores of the Arabian Gulf. Meanwhile Al-Khafji Governorate’s strategic location offers unrivalled access for residents and visitors from Saudi Arabia, Kuwait and other Gulf countries.
Development will unfold in three phases, the first phase – scheduled for completion in 2030 – will deliver three neighbourhoods. Upon completion, the destination will comprise eight residential communities featuring public, commercial, tourism and educational facilities including dedicated boat marinas.
Urban Development And Liveability Ecosystem Integral To New Stategy
Within its Urban Development and Liveability ecosystem, Saudi Public Investment Fund is investing in public private partnerships to maximise long-term value realisation and advance urban innovation. Consequently, this ecosystem will enhance quality of life, modernise living and create people-cantered sustainable cities through coordinated investments. Meanwhile, the Urban Development & Liveability ecosystem is one of six new ecosystems revealed in its 2026-2030 strategy. The Saudi Public Investment Fund aims to deliver sustainable financial returns, through long-term investment to drive the Kingdoms economic transformation.
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