New tourist, residential project along Arabian Gulf coast announced in Saudi Arabia

A new mega tourist and residential project has been announced in Saudi Arabia, on the Al Khafji coast overlooking the Arabian Gulf. The development will span around 20 square kilometres, with a 10-kilometre waterfront along the Gulf.

It is aimed at addressing the growing demand for tourism and stay in in the northern part of Saudi Arabia’s Eastern Province.

Saudi Arabia’s Public Investment Fund (PIF) announced the launch of the Gulf Coast Development Company, which will oversee the development. PIF said that the new firm will develop the project in partnership with the private sector.

The PIF has revealed some key details about the new destination.

1. Size: The development will introduce three neighbourhoods to the Al Khafji Governorate. It will offer:

Full suite of public commercial, tourism and educational facilities

2. Timeline: The development will be completed in three phases, with the first set to be finished by 2030.

3. Location: The Al Khafji Governate was chosen for its strategic location, with close proximity and easy access for both visitors from other Gulf nations, as well as local travellers from Saudi Arabia. Saad Alkroud, Head of Local Real Estate Investments at PIF, said, “The Gulf Coast Development Company will capitalise on Al Khafji’s cultural and logistical advantages.” The project is set to create opportunities for the current residents, as well as upgrade the city’s infrastructure, he added.

Source Khaleej Times