Monday, April 24, 2017

Oman to sign $688m tourism project deal

Oman's Ministry of Tourism is set to sign an agreement with Palm’s Beach Company to develop the RO265-million ($688.22 million) Al Nakheel Integrated Tourism Complex (ITC) in the Governorate of South Al Batinah.

The project, overlooking Sea of Oman, in Barka will stretch over 500,000 sq m with the usufruct right. It will include an artificial lake covering 35,000 sq m and an entertainment centre, said an Oman News Agency report.

The compex is being developed in a mixed-use resort style including a lagoon promenade, a shopping mall, a traditional souq, three international hotels as well as residential and commercial properties.
The hotels will have a total of 530 Key. There will be also 259 villas, 55 townhouses, 266 apartments and three serviced apartments buildings with 476 units.

The project is expected to be completed by the fourth quarter of 2018.

The complex will also include a shopping mall, an international school, various restaurants, a water park, recreational facilities, and other services. The project units are available for Omani and foreign ownership.

Palm’s Beach Company, part of Alargan Towell Investment Company, will be the developer of the project. Alargan Towell Investment Company was established as the result of a strategic alliance between the Kuwait-based Alargan International Real Estate Company and WJ Towell from Oman.

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