KUWAIT: ALARGAN TOWELL, the Omani Associate of ALARGAN International Real Estate Company, has signed an agreement with the Ministry of Tourism of Oman to develop the Al Nakheel Integrated Tourism Complex project in the Barka area, as the primary investor of the project. The signing was attended by HE Ahmed bin Nasser bin Hamad al Mehrzi, Minister of Tourism, Mr Hussain Jawad, Chairman of the Board of Directors of Palm’s Beach Companyand ALARGAN TOWELL Investment Company, and Engineer Khaled Al-Mashaan, CEO and Vice Chairman of the Board of Directors of ALARGAN International Real Estate Company.
Once completed, the Al Nakheel project will be categorized under the Integrated Tourism Complex (ITC) in Oman. The project will cover a total area of 500,000 square meters in the Al Rumais coastal area in the Wilayat of Barka, in the Al Batinah governorate. Valued at OMR256 million, the project will comprise hotels and hotel apartments with a capacity of 670 rooms, 1,436 residential apartments and villas that will be available for sale for citizens and residents, in addition to a shopping mall, traditional souk, a school, restaurants, a water garden, the artificial Crystal Lagoon, a promenade covering an area of 51,000 square meters and other entertainment and service facilities.
HE Ahmed bin Nasser Al Mehrzi, said, “Today we have signed yet another agreement, this time to develop the Al Nakheel project in the Wilayat of Barka; which is directly in line with our objective of having the private sector play a greater role in the implementation of the Sultanate’s tourism strategy of 2040. The project will add significant value to the Wilayat of Barka as a tourism destination; one that already attracts a number of tourists from the capital Muscat. At the same time the development is directly linked to the Al Batinah Coastal Road, which is easily accessible to travelers from any of the other governorates.”
Al Nakheel project has received numerous recognitions as a mixed-use project for its innovative design and outstanding location, and aims to strengthen the infrastructure of the tourism sector, increase the numbers of hotel rooms, create employment opportunities for Omanis, add value to the society, and support the development of the tourism sector in the Sultanate in line with the country’s tourism strategy for 2040.The project will be developed in three phases, and is scheduled to begin in 2018.
On his behalf, Engineer Khaled Al-Mashaan said: “The Sultanate is rapidly becoming known for great opportunities for investors, especially in the tourism sector; which we expect will be one of the most prominent economic sectors for the country over the coming years. ALARGAN International was one of the first investors in the Omani real estate sector and we’ve had many success stories across the various governorates of the Sultanate.
Today, we are to the brink of achieving yet another success story in the real estate development sector with Al Nakheel, a project that will be made affordable for both citizens and residents alike. We are confident that the Al Nakheel project will be one of the most prominent tourism and real estate projects in the region, attracting those looking for suitable high-quality homes in the area in addition to by a valuable development to Wilayat of Barka, its surrounding areas, and the nearby capital city of Muscat.”