Saudi PIF launches firm to develop tourism, residential area on Gulf coast

According to Business Recorder, Saudi Arabia's Public Investment Fund said on Monday that it has created a real estate company to develop tourism along the Al-Khafji coastline on the Gulf. The step comes as the sovereign wealth fund commits large sums to infrastructure projects. The new firm, Gulf Coast Development Company, will team up with private sector partners to build a tourism and housing hub.

The site covers roughly 20 square kilometres with a 10-km waterfront and is projected to host over 16,000 homes, together with hotels and other commercial facilities. Work on the initial stage is due to finish in 2030, though the financial worth has not been made clear yet. The location borders Kuwait on the Gulf.

Business Recorder also noted that PIF's gross assets under management reached 3.396 trillion riyals ($904.54 billion) in 2025, down from 3.434 trillion riyals the year before, with 76% of the total held locally. The fund recently changed direction, moving away from some investments and scaling back certain giga-projects inside the kingdom. Separately, Red Sea Global, a PIF company, plans to open 27 resorts by year-end.