The Ministry of Investment of Saudi Arabia (MISA) and Gulf Coast Development, a wholly-owned subsidiary of the Public Investment Fund (PIF), have signed a Memorandum of Understanding to enhance collaboration for facilitating investment and promoting economic growth in Khafji Governorate, alongside the Saudi-Kuwaiti border
According to the agreement, the investment opportunities provided by Gulf Coast Development will be included in MISA’s investor programs. Through its platforms and initiatives, MISA creates an agile framework for contributing to Khafji’s economic growth through the development of a modern coastal destination rooted in authentic Khaleeji culture. It also provides access to relevant facilities and incentives across Gulf Coast Development’s activities
The MoU also strengthens cooperation between the two parties to broaden investor access to Gulf Coast Development’s offerings and connect international investors with relevant opportunities. This will help attract capital and expertise to Khafji, support local economic activity, and expand private-sector participation across sectors linked to the development of the company’s destination. It will also allow investors to capture growth opportunities generated by the development as well as by rising demand across residential, tourism, retail, and service sectors in Khafji Governorate
The MoU will leverage Khafji’s strategic location near the Saudi-Kuwaiti border and its proximity to key markets across Saudi Arabia and the Gulf Arab states, attracting cross-sector investment, capital, and talent
Spanning 20 square kilometers, the destination planned for Al-Khafji will include more than 16,000 residential units and nine hotels and resorts offering around 1,400 keys by 2040, as well as more than 214,000 square meters of retail space and 390 marina berths. This creates a broad range of opportunities across residential, tourism, commercial and service sectors, supporting Khafji’s local economy, expanding private-sector participation, and driving long-term growth
Gulf Coast Development’s operating model supports a broad investment platform in Khafji Governorate, spanning infrastructure, residential districts, tourism attractions, and commercial assets
Mr. Amr Banaja, CEO of Gulf Coast Development, said, “We value MISA’s role in establishing conducive cooperation frameworks to enhance the investment landscape in the Kingdom and creating more efficient pathways for investors, which has been reflected in the recent growth of foreign direct investment inflows. Our collaboration with the Ministry of Investment marks an important step in expanding Gulf Coast Development’s investment reach and accelerating the development of our coastal destination in Khafji Governorate. This destination is designed to create long-term value by advancing tourism, real estate, and community-focused development, while opening new opportunities for local and international investors. This will have a positive impact on Khafji Governorate and the local communities while also contributing to PIF’s efforts towards supporting local economic growth and attracting investors in line with the objectives of Saudi Vision 2030”
Gulf Coast Development is a real estate development company fully owned by the Public Investment Fund (PIF) and dedicated to delivering an integrated coastal destination with residential and tourism offerings, in Khafji in Saudi Arabia’s Eastern Province, and inspired by authentic Khaleeji heritage. Its development approach brings together a strong sense of place and an enhanced quality of life, unlocking new experiences and possibilities. The company employs an agile operating model enabling impactful private-sector partnerships and deliver sustainable economic and developmental value over the long term
