The agreement was signed by H E Ahmed bin Nasser bin Hamad al Mehrzi, Minister of Tourism and Hussain Jawad, chairman of the board of directors of Palm’s Beach Company and Alargan Towell Investment Company.
The event was attended by Eng Khaled al Mashaan, CEO and vice chairman of the board of directors of Alargan International Real Estate Company based in Kuwait, Eng Hisham Moussa, CEO of Alargan Towell Investment Company, Mohammed bin Moosa al Abri, general manager of Palm’s Beach Company as well as officials from MoT.
H E Mehrzi said, “Over the past few weeks we have signed a number of agreements with private sector companies to develop ITC projects. Today, we have signed another agreement to develop the Al Nakheel Project which is in line with our objective of having the private sector play a greater role in the implementation of Oman’s 2040 Tourism Strategy.
“The project will add significant value to Barka as a tourism destination. At the same time, the development is linked to the Al Batinah Coastal Road which is accessible to travellers from across the country.”
Jawad said, “We are confident that the Al Nakheel Project will be one of the most prominent tourism and real estate projects in the region. It will also attract those looking for high-quality homes in the area.”
Al Nakheel Project which will span an area of 500,000sq m is located in Al Rumais in Barka.
Eng Mashaan said, “Oman is getting known for great opportunities for investors, especially in the tourism sector. Alargan International was one of the first investors in Oman’s real estate sector. We have many success stories from across the country.”
The project includes three hotels and hotel apartments comprising 670 rooms, 1,436 residential apartments, villas and houses which will be available for ownership for all nationalities and citizens. It also includes a mall, a souq, restaurants, an aqua park and other facilities.
Abri said, “Al Nakheel Project has been designed to serve as an entertainment destination for families living in Barka and the surrounding areas.”
Eng Hisham Moussa added, “This project is just 20 minutes away from the Muscat International Airport. It will be an integrated community. A plot has been allocated for a school as part of the project. It will be spread over 11,000sq m.”
Al Nakheel Project will be developed in three phases over the course of ten to 15 years, based on the market requirements. The construction work for the first phase is expected to begin in 2018. It will include the project’s infrastructure, the Crystal Lagoon, a four-star hotel with 125 rooms, 185 hotel apartments, a souq, and 582 units of apartments and villas.