Oman signs agreement to develop $664.93mln Al Nakheel tourism complex in Barka - Zawya Projects

More Articles from 

Zawya Projects News

Oman signs agreement to develop $664.93mln Al Nakheel tourism complex in Barka

Ministry of Tourism signs agreement with Palm’s Beach Company to develop Al Nakheel Integrated Tourism Complex
24 April 2017
Oman's Ministry of Tourism (MOT) announced on Monday that it has signed a usufruct agreement with Palm's Beach Company to develop the 256 million Omani rials (664.93 million) Al Nakheel Integrated Tourism Complex project in Al Rumais, Barka.

Palm's Beach Company is a division of ALARGAN TOWELL Investment Company, which is the primary investor in the project.

An MOT statement said the mixed-use project would span an area of 500,000 square meters (sqm) and would include a 830-metre waterfront, a Crystal Lagoon and promenade covering an area of 51,000 sqm, three hotels and hotel apartments totaling 670 rooms, 1,436 residential apartments, villas and houses, a shopping mall, a traditional souk and an aqua park.

The statement said the project would be developed in three phases over a period of 10-15 years with the first phase expected to start in 2018. It said the first phase would include infrastructure works, the crystal lagoon, a 125-unit 4-star hotel, 185-unit hotel apartments, 582 units of apartments and villas and traditional souk.

It said the developer would implement basic infrastructure including electricity and water networks, and also build a bridge and road connecting the project to the new Al Batinah Coastal Road.

ALARGAN TOWELL Investment Company was established in 2003 as a joint venture between Kuwait's ALARGAN International Real Estate Company and local WJ Towell.

© Zawya Projects News 2017