Saudi fund launches Khafji coastal project
The Saudi Public Investment Fund has launched "Gulf Coast for Real Estate Development," a company aimed at developing an integrated tourism and residential destination on the coast of Al-Khafji. The project seeks to meet the increasing demand for housing and tourism in the northern Eastern Province. Covering an area of nearly 20 square kilometers and featuring a 10-kilometer-long waterfront, the development includes eight residential neighborhoods offering more than 16,000 units, as well as 1,400 hotel units, along with public, commercial, and tourist facilities. The project is planned to be executed in three phases, with the first phase scheduled for completion by 2030. Its goal is to attract residents and visitors from Saudi Arabia and the Gulf countries, while also contributing to diversifying the national economy and enhancing infrastructure, innovation, and urban development.
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