12:48 AM EDT, 09/08/2026 (MT Newswires) -- Saudi sovereign wealth fund Public Investment Fund, or PIF, launched Gulf Coast Development Company to develop an integrated residential and tourism destination in Saudi Arabia in partnership with the private sector. The development on the Al-Khafji coast will comprise eight residential neighborhoods with over 16,000 housing units, as well as commercial, tourism and educational facilities. The first of the three-phase development is scheduled for completion in 2030.

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