Saudi PIF Launches New Real Estate Firm for Eastern Province Coastal Project
Construction will roll out in three phases, with the first slated for completion in 2030 and covering three of the eight neighborhoods.
You're reading Entrepreneur Middle East, an international franchise of Entrepreneur Media.
Saudi Arabia’s Public Investment Fund has established a new real estate company tasked with building a residential and tourism hub in the Kingdom’s Eastern Province.
The entity, called Gulf Coast Development Company, will partner with private-sector firms to deliver the project along the Al-Khafji shoreline on the Arabian Gulf, in the province’s northern reaches, according to a PIF announcement.
The development will cover roughly 20 square kilometers, including 10 kilometers of coastline. Once finished, it is set to include eight residential districts with over 16,000 homes, 1,400 hotel rooms, along with retail, tourism, education, and marina facilities.
Construction will roll out in three phases, with the first slated for completion in 2030 and covering three of the eight neighborhoods.
RELATED: Saudi-Backed US$7 Billion Theme Park Investment in France Expected to Create 22,000 Jobs
Saudi Arabia’s Public Investment Fund has established a new real estate company tasked with building a residential and tourism hub in the Kingdom’s Eastern Province.
The entity, called Gulf Coast Development Company, will partner with private-sector firms to deliver the project along the Al-Khafji shoreline on the Arabian Gulf, in the province’s northern reaches, according to a PIF announcement.
The development will cover roughly 20 square kilometers, including 10 kilometers of coastline. Once finished, it is set to include eight residential districts with over 16,000 homes, 1,400 hotel rooms, along with retail, tourism, education, and marina facilities.
Construction will roll out in three phases, with the first slated for completion in 2030 and covering three of the eight neighborhoods.
RELATED: Saudi-Backed US$7 Billion Theme Park Investment in France Expected to Create 22,000 Jobs
