What is the new company launched by PIF for this project?

The new company established by Saudi Arabia's Public Investment Fund (PIF) to lead this development is named the Gulf Coast Development Company.

Where is the Al Khafji project located?

The project is located in Al Khafji, an oil-producing city in Saudi Arabia's Eastern Province, approximately **10 kilometres south of the Kuwaiti border** and about **130 kilometres from Kuwait City**.

What will the Al Khafji development include?

The development will feature eight residential neighbourhoods with over **16,000 homes**, hotels offering about **1,400 rooms**, commercial and tourism facilities, schools, and marinas, spanning **20 square kilometres** along the Arabian Gulf waterfront.

When is the first phase of the project expected to be completed?

The first phase, comprising three central neighbourhoods of the development, is scheduled for completion by **2030**.

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Development·7 September 2026

PIF Unveils Major Coastal Development in Al Khafji Near Kuwait Border

Saudi Arabia's Public Investment Fund (PIF) has launched the Gulf Coast Development Company to create a significant residential and tourism project in Al Khafji, an oil-producing city strategically located near the Kuwai

Saudi Arabia's Public Investment Fund (PIF) has announced the establishment of the Gulf Coast Development Company, a new entity tasked with developing a large-scale coastal residential and tourism project in Al Khafji. This initiative underscores the kingdom's commitment to expanding infrastructure around this strategically important oil-producing city, which is situated approximately 10 kilometres south of the Kuwaiti border and about 130 kilometres from Kuwait City.

The master-planned development will span an area of approximately 20 square kilometres along a 10-kilometre stretch of the Arabian Gulf waterfront. While the total project cost has not been disclosed, the scope of work is extensive, featuring eight residential neighbourhoods that will collectively offer more than 16,000 homes. The plans also include hotels providing around 1,400 rooms, along with various commercial and tourism facilities, schools, and marinas.

Phased Construction and Completion

Construction of the Al Khafji project will be executed in three distinct phases. The initial phase is set to focus on developing three neighbourhoods, which will form the central hub of the entire development. This first phase is targeted for completion by 2030.

Saad Alkroud, head of local real estate investments at PIF, stated that the new company aims to use Al Khafji's unique cultural and logistical advantages. The project is expected to generate new opportunities for residents, upgrade the city's infrastructure, and foster deeper partnerships with the private sector. PIF further indicated that the development is designed to address the increasing demand for both housing and tourism accommodation in the northern Eastern Province, a region popular with visitors from Kuwait and other Gulf countries.

This new developer operates under PIF's urban development and livability ecosystem, which is one of six key systems outlined in the fund's 2026-2030 strategy, approved earlier in April. PIF's portfolio includes other prominent developers such as Roshn, Diriyah Company, New Murabba, and Jeddah Central Development Company, reflecting its broader strategy for diversifying the Saudi Arabian economy.

Frequently asked

Questions, answered

What is the new company launched by PIF for this project?: The new company established by Saudi Arabia's Public Investment Fund (PIF) to lead this development is named the Gulf Coast Development Company.
Where is the Al Khafji project located?: The project is located in Al Khafji, an oil-producing city in Saudi Arabia's Eastern Province, approximately **10 kilometres south of the Kuwaiti border** and about **130 kilometres from Kuwait City**.
What will the Al Khafji development include?: The development will feature eight residential neighbourhoods with over **16,000 homes**, hotels offering about **1,400 rooms**, commercial and tourism facilities, schools, and marinas, spanning **20 square kilometres** along the Arabian Gulf waterfront.
When is the first phase of the project expected to be completed?: The first phase, comprising three central neighbourhoods of the development, is scheduled for completion by **2030**.
Which PIF strategy does this project align with?: This project falls under PIF's urban development and livability ecosystem, which is one of six key systems outlined in the fund's 2026-2030 strategy.

Reported by

The National — Property

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This brief was summarised and rewritten by Gaia Living from public reporting. Figures and details reflect the original sources.

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