{
  "id": 6143218,
  "title": "PIF launches property developer for Al Khafji coastal project near Kuwait",
  "url": "https://urgent.news/2026/09/07/pif-launches-property-developer-for-al-khafji-coastal-project-near-6143218",
  "topic": "world",
  "section": "World",
  "published": "2026-09-07T13:16:51.000Z",
  "source": {
    "name": "The National UAE",
    "slug": "the-national-uae",
    "url": "https://www.thenationalnews.com/business/economy/2026/09/07/pif-launches-property-developer-for-al-khafji-coastal-project-near-kuwait/"
  },
  "original_language": "en",
  "account": "The Public Investment Fund (PIF) of Saudi Arabia has established a new company, Gulf Coast Development Company, to develop a coastal residential and tourism project in Al Khafji. Located about 10km south of the Kuwaiti border and 130km from Kuwait City, Al Khafji is a city in the Eastern Province of Saudi Arabia, closer to Kuwait City than to Dammam. The region, known as the Divided Neutral Zone, holds shared hydrocarbon resources between Saudi Arabia and Kuwait.\n\nAl Khafji is home to approximately 84,000 people and is a significant oil production center in the area. The offshore Khafji field, operated by Al Khafji Joint Operations, a collaboration between Aramco Gulf Operations and Kuwait Gulf Oil Company, has a production capacity of around 300,000 barrels per day. The field was suspended in 2014 following a dispute between the two nations, but production resumed in 2020.\n\nGulf Coast Development Company plans to develop around 20 square kilometers along a 10km stretch of the Arabian Gulf waterfront. The project includes eight residential neighborhoods accommodating over 16,000 homes, hotels with approximately 1,400 rooms, commercial and tourism facilities, schools, and marinas. Construction will proceed in three phases, with the initial phase, including three neighborhoods that will form the core of the development, slated for completion by 2030. Saad Alkroud, head of local real estate investments at PIF, stated that the project aims to capitalize on Al Khafji's cultural and logistical advantages while generating new opportunities for regional residents, upgrading the city's infrastructure, and fostering private sector partnerships.\n\nThe Gulf Coast Development Company is part of PIF's urban development and livability ecosystem, one of six strategic systems under PIF's 2026-2030 strategy. The other five focus on tourism, travel and entertainment, advanced manufacturing and innovation, industrials and logistics, clean energy, water, and renewables infrastructure, and Neom. Other notable PIF property developers encompass Roshn, Diriyah Company, New Murabba, and Jeddah Central Development Company.",
  "summary": "Saudi Arabia's Public Investment Fund has launched a company to develop a coastal residential and tourism project in Al Khafji, an oil-producing city near the Kuwaiti border, as the kingdom expands infrastructure around the strategically important area. Al Khafji lies about 10km south of the border and 130km from Kuwait City, placing it closer to the Kuwaiti capital than to Dammam, about 300km to…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 3,
    "also_reported_by": [
      {
        "outlet": "Ajel English",
        "title": "PIF launches Gulf Coast Real Estate Development Company for integrated Khafji waterfront project",
        "url": "https://urgent.news/2026/09/07/pif-launches-gulf-coast-real-estate-development-company-for",
        "published": "2026-09-07T10:13:38.000Z"
      },
      {
        "outlet": "The National Business",
        "title": "PIF launches property developer for Al Khafji coastal project near Kuwait",
        "url": "https://urgent.news/2026/09/07/pif-launches-property-developer-for-al-khafji-coastal-project-near",
        "published": "2026-09-07T13:16:51.000Z"
      }
    ]
  },
  "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."
}