Saudi Arabia has revealed ambitious plans to transform the east coast of the country. Its sovereign wealth fund, the Public Investment Fund (PIF), has formally announced the establishment of the Gulf Coast Development Company.
Its remit is clear, and that is to oversee the development a new coastal residential tourism project in Al-Khafji.
The Gulf Coast Development Company are planning to develop a site that spans 20 square kilometres along with a 10-kilometre stretch of the Arabian Gulf coast.
More than 16,000 homes will be built, and that includes eight residential districts, and hotels with approximately 1,400 rooms.
In addition to this, there will be commercial and tourism facilities, schools and marinas also included in the groundbreaking project on the east coast.
PIF did not disclose the cost of the project, but did confirm that construction will be carried out in three phases.
The first three districts will form the centre of the project, and they are projected to be completed in 2030.
Al-Khafji is just 10km south of the Kuwaiti border, and is seen as a area of huge potential for tourism.
It sits around 130km away from Kuwait City, and has a population of around 84,000 people.
It is best-known for being a hub of oil production in the Divided Neutral Zone, whose hydrocarbon resources are shared equally by Saudi Arabia and Kuwait.
Saad Al-Kroud, is the head of local real estate investments at PIF.
He highlighted how the company is going to try and leverage the cultural and logistical advantages that Al-Khafji brings to the table.
He said the project would also create a huge plethora of opportunities for residents, and in terms of fostering and developing partnerships with the private sector and modernising the existing infrastructure.
In addition to this, PIF has said that the project is intended to meet demand for housing and tourist accommodation in that part of Saudi Arabia.
Gulf Coast Development Company is one of the six areas of PIF’s 2026–2030 strategy, which the fund’s board approved in April.
