Saudi fund creates firm for Khafji development
The Saudi Public Investment Fund has launched the Gulf Coast Real Estate Development Company with the aim of developing the Al Khafji area along the Arabian Gulf, to promote tourism and housing. The project spans an area of nearly 20 square kilometers and includes the construction of over 16,000 residential units and 1,400 hotel units, along with marinas, commercial, tourist, and educational facilities. The goal of the project is to attract local and regional investors, enhance economic diversification, and support development in the region, leveraging its strategic location near Kuwait and the Gulf. Additionally, investments in tourism and real estate contribute to supporting Saudi Arabia's efforts to diversify its economy and increase commercial and investment opportunities. By 2025, the total assets of the Public Investment Fund reached 3.396 trillion riyals, with 76% of investments domestically.
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