Muscat – Bank Nizwa on Monday announced the signing of a financing agreement to develop the RO250mn Al Nakheel Integrated Tourism Complex (ITC) Project.

According to a press statement, Bank Nizwa signed the agreement with Palm Beach LLC for Al Nakheel Project that will be developed by Alargan Towell Investment Company.

Al Nakheel Project is an Integrated Tourism Complex under the auspices of the Ministry of Heritage and Tourism. With a total value of RO250mn, the mixed-use community real-estate development is idyllically located on the seafront between Al Seeb and Barka, in close proximity to the Daymaniyat Islands Nature Reserve.

Slated to be constructed on a land area of 500,000 sqm, Al Nakheel Project will have a total built-up area of 369,000 sqm, envisaged to be developed in three phases.

Bank Nizwa financing will be extended for the development of Phase 1 (A) of the project, development of which will commence this year, the bank said in its statement.

Phase 1 (A) of Al Nakheel Project was launched in May 2022 at an event held under the patronage of H E Salim bin Mohammed al Mahrouqi, Minister of Heritage and Tourism. Construction of Phase 1 (A) of the project – which includes internal roads and other infrastructure, Crystal Lagoon with recreational facilities, a four-star hotel with 188 keys, a traditional souk, apartments and residential villas – will start in 2022.

Khaled al Kayed, CEO of Bank Nizwa said, “The real-estate sector is a critical component of the national economy, and the upcoming Al Nakheel Project, which is set to be an iconic destination, will certainly attract significant investments. We are indeed delighted to join hands with a reputable company as Palm Beach LLC and be a part of this prestigious development. While this project will significantly boost the real-estate sector in the country, it also reaffirms our commitment to support national initiatives that offer sustainable, long-term benefits while strengthening Oman’s position as a lucrative investment destination.”

He further said, “Targeting the middle-income strata of the local and expatriate population, Al Nakheel Project has various offerings for the residential, tourism, and retail market. Positioned as an attractive and affordable tourism destination, it also closely resonates with the bank’s values of promoting inclusivity while also ensuring that an exciting lifestyle experience is more accessible to all.”

The development is centred on a Crystal Lagoon of 51,000 sqm, which will be the first in Oman and will act as a major anchor for the development, thus differentiating Al Nakheel from other ITC developments.

Once completed, the project is expected to include three hotels, villas, apartments, serviced apartments, mixed-use souks, an aqua park, a mall, and a school, all of which are carefully spread over different phases.