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