GCRED - Al Khafji Development
Gulf Coast Real Estate Development Company, a subsidiary of the Public Investment Fund (PIF) is planning to develop mixed-use projects at the Neutral Zone along the Gulf Coast on the land shared by Kuwait and Saudi Arabia. The community will be located within Project Line, a new master plan development in Al Khafji city with a Neutral Zone covering an area of 5,770 square kilometers.
Al Khafji Project is envisioned as a landmark project at the border between Saudi Arabia and Kuwait. The Project consists of two main communities, the Coastal Community and the Agricultural Community. There is also a land plot (the âHeartlandâ) located in between to bridge both communities targeting the Kuwaiti market in the first place, along with the Saudi market and other Gulf markets.
This project is one of the initiatives included in the Saudi Giga Projects plan.
The US$8000 million project includes the following:
1. Development of a mixed-use development (5,770 sq km 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 of primary and secondary homes for Kuwaiti and Saudi individuals)
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
11. Construction of a center for administrative and corporate business
12. Construction of green areas and recreation centers
13. Infrastructure works
14. Construction of associated facilities
Second Section
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04 February 2025
Colliers has been appointed as the cost consultant on the Neutral Zone Mixed-Use Development: Chevron Residential.
09 October 2024
Market sources indicate that Mohammed Abdulmohsin Al-Kharafi & Sons have been appointed as the main contractor on the Neutral Zone Mixed-Use Development: Chevron Residential.
25 June 2024
The main contract bids are still under evaluation on the Neutral Zone Mixed-Use Development: Chevron Residential.
29 April 2024
The main contract bids are still under evaluation on the Neutral Zone Mixed-Use Development: Chevron Residential.
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)