Saudi Arabia launches $20 billion tourism zone in Khafji with 16,000 homes planned by 2030
The Public Investment Fund created a new developer to build a massive mixed-use project on the Al-Khafji coast featuring over 16,000 housing units and ten hotel rooms per neighborhood.
The Saudi Public Investment Fund established the Gulf Coast Development Company to build a major tourism and residential hub along the Al-Khafji coastline near Kuwait. The fund announced the initiative on Monday, marking an expansion of its investment strategy into the northern Eastern Province. The development spans approximately 20 square kilometres and includes a ten-kilometre waterfront bordering the Arabian Gulf. Completed phases will feature eight residential neighborhoods containing more than 16,000 housing units, roughly 1,400 hotel rooms, commercial spaces, and dedicated boat marinas. Construction proceeds in three stages. The first phase is targeted for completion by 2030, which would deliver three neighborhoods and form the initial community for subsequent expansion. PIF stated the project will work with private-sector partners and regional investors to meet demand for housing, hospitality, and tourism services aimed at visitors from Saudi Arabia, Kuwait, and other Gulf nations. The fund did not disclose the total cost of the project.
