Saudi Arabia’s Public Investment Fund launched Gulf Coast Development Company on Sept. 7, 2026, to build an integrated tourism and residential destination on the Al-Khafji coast overlooking the Arabian Gulf. The plan covers around 20 square kilometers, including a 10-kilometer waterfront.
The launch expands PIF’s property development roster, which also includes Roshn, Diriyah Company, New Murabba and Jeddah Central Development Company. Gulf Coast Development sits within the fund’s Urban Development and Livability grouping, one of six areas in PIF’s 2026-2030 strategy.
PIF said the company will develop the project with private-sector businesses and local and regional investors. The development is intended to meet growing demand for accommodation and tourism options in the northern Eastern Province.
Al-Khafji lies about 10 kilometers south of the Kuwaiti border. PIF said the governorate’s location would make the destination accessible to residents and visitors from Saudi Arabia, Kuwait and other Gulf Arab states.
Plans for the completed destination call for eight residential neighborhoods with more than 16,000 housing units and around 1,400 hotel keys. It will also have public, commercial, tourism and educational facilities, as well as dedicated boat marinas.
Development is planned in three phases. The first phase is scheduled for completion in 2030 and will deliver three neighborhoods.
Saad Alkroud, PIF’s head of local real estate investments, said the company would draw on Al-Khafji’s cultural and logistical advantages. He said the project would create opportunities for local residents, improve the city’s infrastructure and expand partnerships with the private sector.
Gulf Coast Development describes itself as a master developer responsible for planning, property and plot development, sales, marketing and community operations after construction. The National reported that no project cost had been disclosed.
PIF announced the launch in a post on X and a press release on Sept. 7.
