Oman - Bank Nizwa has signed a OMR250 million ($650 million) agreement with Palm Beach for Al Nakheel Project, an Integrated Tourism Complex (ITC), that will be developed by Alargan Towell Investment Company.

Al Nakheel, being built under the auspices of the Ministry of Heritage and Tourism, is a 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.

Planned to be constructed on a land area of 500,000 sq m, it will have a total built-up area of 369,000 sq m, envisaged to be developed in three phases. Bank Nizwa financing will be extended to for the development of Phase 1A the Project, development of which will commence in 2022.

Major anchor

The development is centered on a Crystal Lagoon of 51,000 sq m, 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.

Critical component

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 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 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.”

Through initiatives like these, Bank Nizwa will continue to remain steadfast in fulfilling the strategic goals of the nation while keeping pace with the evolving trends of the market and leveraging its industry expertise to deliver innovative Sharia-compliant solutions that add value to the community.

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