Gulf Coast Real Estate Development Company, a subsidiary of Saudi Arabia’s sovereign wealth vehicle the Public Investment Fund (PIF), has held meetings with contractors for its planned real estate developments in the Neutral Zone that Saudi Arabia and Kuwait share. The meetings were held to discuss the potential collaboration on upcoming projects planned for the Neutral Zone, which covers an area of about 5,770 square kilometres. The planned projects, which could cost $5bn-$8bn, involve constructing a central resort on the Gulf coast, flanked by other hotel beach developments, retail and commercial areas and about 10,000 residential units. The activity is the latest sign of development taking place in the Neutral Zone. In July last year, consultancy contracts were being tendered for the planned development. In March 2022, Saudi Arabia and Kuwait released details about projects planned for the zone, including the construction of an industrial city for logistics, an airport and a connection to the GCC rail project, as well as several tourism projects and oil and gas projects. Saudi Arabia and Kuwait then signed a memorandum of understanding to jointly develop the Dorra gas field in the Neutral Zone. The area was left undefined when the border between Saudi Arabia and Kuwait was established by the Uqair Convention in 1922. (ICE RIYADH)

Fonte notizia: Meed