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🇸🇦 Saudi Arabia /Energy & Infrastructure

PIF launches Gulf Coast Development Company for 16,000 homes, 1,400 hotel rooms in Al-Khafji

From Saudi Gazette · () English

Summarized by DistantNews. Read the original for the full story.

At a glance

Press release Official statement New plan
  • Saudi Arabia’s Public Investment Fund has launched Gulf Coast Development Company to build a 20-square-kilometre residential and tourism destination in Al-Khafji.
  • The project is planned to include more than 16,000 homes, about 1,400 hotel rooms, commercial and tourism facilities, educational facilities and boat marinas.
  • The development will stretch along 10 kilometres of the Arabian Gulf coast and proceed in three phases with private-sector and investor participation.

Saudi Arabia’s Public Investment Fund has launched Gulf Coast Development Company to develop a 20-square-kilometre residential and tourism destination in Al-Khafji.

The project will extend along 10 kilometres of Arabian Gulf coastline in the Eastern Province. PIF said it would be developed with private-sector partners and local and regional investors.

Plans call for more than 16,000 housing units and around 1,400 hotel rooms. The destination will also include eight residential neighbourhoods, commercial and tourism facilities, educational facilities and dedicated boat marinas.

PIF said the development aims to meet growing demand for accommodation and tourism options in the northern Eastern Province. It is also intended to attract residents and visitors from Saudi Arabia, Kuwait and other Gulf Arab states.

Development will take place in three phases. The supplied announcement does not provide further details about the schedule beyond the planned phased approach.

About this summary

Originally published by Saudi Gazette. Summarized and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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