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The Saudi Ministry of Investment and Gulf Coast Development Company, which is wholly owned by the Public Investment Fund, signed a memorandum of understanding to promote investment and economic growth in Khafji Governorate and open up project opportunities to local and international investors. The coastal destination spans approximately 20 square kilometres. By 2040, it is expected to include more than 16,000 residential units and nine hotels and resorts offering around 1,400 keys. The plan also includes more than 214,000 square metres of retail space and approximately 390 boat berths, supporting the growth of the governorate’s residential, tourism and commercial sectors.
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