GCRED - Neutral Zone Mixed-Use Development

General Information
Owner Gulf Coast Real Estate Development
Masterplan Project (Parent Profile)
Location Saudi Arabia
Status --
Sector Construction, Mixed-Use, Mixed-Use
Contract Type Build
Onshore/Offshore Onshore
Greenfield/Brownfield Greenfield
Progress 0
Estimated Budget Value ---
Contract Value 0
Net Value $7970m
Award Date April 2024
Completion Date May 2028
Last Updated On March 2024
ProjectId (Old, New) 414394, 414394


Gulf Coast Real Estate Development Company, a subsidiary of Public Investment Fund (PIF) is planning to develop the real estate mix-use projects at Neutral Zone along the Gulf coast on the land shared by Kuwait and Saudi Arabia. The Neutral Zone covers an area of 5,770 square kilometres.

The US$8000 million project includes the following:

1. Development of a mixed-use development (5,770 sqkm area)

2. Construction of a central resort on the Gulf coast

3. Construction of hotel beach developments

4. Construction of retail area

5. Construction of commercial area

6. Construction of residential units (10,000 units)

7. Construction of an industrial city

- Construction of logistics area

- Construction of an airport

8. Construction of community facilities

9. Construction of a connection to the GCC rail project

10. Construction of entertainment area

15. Green areas

17. Infrastructure works

18. Construction of associated facilities

Second Section

27 March 2024

The main contract bids are still under evaluation on the Neutral Zone Mixed-Use Development: Chevron Residential.

31 January 2024

The main contract bids have been submitted and Shapoorji Pallonji amongst others has submitted the bids on the Neutral Zone Mixed-Use Development: Chevron Residential.

19 January 2024

The main contract tender has been issued and the bid submission date is on January 22, 2024. Shapoorji Pallonji amongst others have been invited to bid on the Neutral Zone Mixed-Use Development: Chevron Residential.

27 July 2023

The client has invited firms to bid for cost consultancy services for the project. Earlier the client has received bids from firms to provide project management consultancy (PMC) services. (Source: MEED)