RIYADH — The Public Investment Fund (PIF) announced Monday the launch of Gulf Coast Development Company to develop a 20-square-kilometer residential and tourism destination in Al-Khafji, featuring more than 16,000 housing units and around 1,400 hotel rooms.The project will extend along 10 kilometers of the Arabian Gulf coastline in Saudi Arabia’s Eastern Province and will be developed in partnership with the private sector and local and regional investors.PIF said the development is intended to meet growing demand for accommodation and tourism options in the northern Eastern Province, while attracting residents and visitors from Saudi Arabia, Kuwait and other Gulf Arab states.Upon completion, the destination will comprise eight residential neighborhoods, more than 16,000 housing units, around 1,400 hotel rooms, commercial and tourism facilities, educational facilities and dedicated boat marinas.Development will take place in three phases. The first phase, scheduled for completion in 2030, will deliver three neighborhoods and establish the foundation for an integrated residential and tourism community.Saad Alkroud, Head of Local Real Estate Investments at PIF, said the project would capitalize on Al-Khafji’s cultural and logistical advantages while creating opportunities for residents, upgrading infrastructure and strengthening private sector partnerships.“Through its local real estate projects, PIF continues to unlock the potential of strategic sectors, deepen their integration within the six ecosystems outlined in PIF’s 2026-2030 strategy, and strengthen the private sector’s role as an effective partner in economic growth,” Alkroud said.He added that Gulf Coast Development Company would help maximize value and deliver sustainable returns through partnerships with the private sector.The project forms part of PIF’s Urban Development and Livability ecosystem, one of six ecosystems identified in its 2026-2030 strategy.Through the ecosystem, PIF aims to invest in real estate projects that improve quality of life, support urban innovation and create sustainable, people-centered cities.PIF said its investments in urban development are intended to diversify the economy, generate opportunities, expand trade and investment, and strengthen the contribution of Saudi cities to the national economy.