{
  "id": 6140194,
  "title": "Saudi PIF launches firm to develop tourism, residential area on Gulf coast",
  "url": "https://urgent.news/2026/09/07/saudi-pif-launches-firm-to-develop-tourism-residential-area-on-gulf",
  "topic": "business",
  "section": "Business",
  "published": "2026-09-07T12:36:16.000Z",
  "source": {
    "name": "Business Recorder",
    "slug": "business-recorder",
    "url": "https://www.brecorder.com/news/40438319/saudi-pif-launches-firm-to-develop-tourism-residential-area-on-gulf-coast"
  },
  "original_language": "en",
  "account": "DUBAI, 2nd August - The Saudi Public Investment Fund (PIF) has established a real estate company to develop a tourism and residential area on the Al-Khafji coastline, a stretch bordering Kuwait along the Gulf. As part of the kingdom's economic diversification plan to reduce its reliance on oil, the PIF is investing heavily in infrastructure projects across the nation.\n\nThe newly formed Gulf Coast Development Company, which will collaborate with the private sector, aims to create a comprehensive tourist and residential destination on the 20-square-kilometre (7.7 square miles) waterfront. The development will house over 16,000 housing units, alongside hotels and commercial facilities. However, the project's estimated value remains undisclosed, with the first phase slated for completion by 2030.\n\nThe PIF's gross assets under management (AUM) stood at 3.396 trillion riyals ($904.54 billion) in 2025, a slight decrease from the previous year's 3.434 trillion riyals. A majority of the AUM, 76%, originated from local investments. The fund has recently altered its strategy, abandoning certain investments, including some \"gigaprojects\" in infrastructure.\n\nMeanwhile, Saudi Arabia is also advancing its Red Sea coast development, wherein the PIF's subsidiary, Red Sea Global, plans to launch 27 resorts by the end of the year.",
  "summary": "DUBAI: Saudi Arabia’s Public Investment Fund (PIF) said on Monday it has launched a real estate company to develop tourism on the Al-Khafji coastline on the Gulf, as the sovereign wealth fund pours billions of dollars into infrastructure projects. Saudi Arabia is investing in infrastructure as part of its plans to transform the economy and reduce the kingdom’s reliance on oil revenue. The new…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}