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Development total cost of OMR 256 million
Highlights:
· Al Mehrzi: signing the agreement is a direct translation of the role the private sector is playing in the implementation of the Sultanate's tourism strategy of 2040.
· Hussain Jawad: Al Nakheel project will become one of the most prominent tourism & real estate projects at a regional level.
· The development includes three hotels, hotel apartments, 1,436 residential units, a shopping mall, a traditional souk, an international school, restaurants, an aqua water park, and other entertainment and service facilities
· The project is characterised by its prominent poistion in the Wilayat of Barka as well as its waterfront location overlooking the Sea of Oman and a Crystal Lagoon which will be built at the center of the project on an area of 51,000 square meters
Muscat - The Ministry of Tourism (MoT) today signed an agreement with the Palm’s Beach Company to develop the Al Nakheel Integrated Tourism Complex (ITC) project at Barka. The development agreement was signed by HE Ahmed bin Nasser bin Hamad al Mehrzi, Minister of Tourism, and Mr. Hussain Jawad, Chairman of the Board of Directors of Palm’s Beach Company and of ALARGAN TOWELL Investment Company, the primary investor of the project. The signing ceremony was held at the General Diwan of the Ministry 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, Mr. Mohammed bin Moosa Al Abri, General Manager of Palm’s Beach Company, as well as a number of senior officials from the MoT.
Commenting on the launch of the Al Nakheel ITC development, HE Ahmed bin Nasser Al Mehrzi stressed that despite the instability in the global economy and the fluctuation of oil prices, the demand for investment in the tourism sector in the Sultanate is increasing from both investors inside and outside the Sultanate. He noted, “Over the past few weeks we have witnessed the signing of a number of agreements with various private sector companies to develop new ITC’s, each of which will provide a variety of modern accommodation and tourism facilities for both tourists and locals.” He explained that the market is open to investors, with room for investments in hotels, resorts and hotel apartments at all levels. He also highlighted the Ministry's efforts in joining hands with the private sector to launch projects that support growth of the tourism sector and enhance its contribution to the GDP.
“Today we have signed yet another agreement, this time to develop the Al Nakheel project in the Wilayat of Barka; which is directly in line with our objective of having the private sector play a greater role in the implementation of the Sultanate’s tourism strategy of 2040. The project will add significant value to the Wilayat of Barka as a tourism destination; one that already attracts a number of tourists from the capital Muscat. At the same time the development is directly linked to the Al Batinah Coastal Road, which is easily accessible to travelers from any of the other governorates,” the Minister of Tourism added.
Mr. Hussain Jawad noted, “The continued efforts of the government, in particular those put in by the Ministry of Tourism, towards enhancing the performance of the tourism sector, with the ultimate aim of diversifying national income sources, has encouraged local and international investors to enter this promising sector and develop projects that will raise the Sultanate’s profile as a leading tourism destination in the region. This was also the reason behind our decision for ALARGAN TOWELL to enter the ITC market; providing a market leading design that will harness the natural beauty of the region to develop outstanding tourist attractions in the Wilayat of Barka. 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 suitable high-quality homes in the area. The project will be valuable addition to Wilayat of Barka as well as the surrounding areas, including the nearby capital city of Muscat.”
Al Nakheel project (ITC), which will span a total area of 500,000 square meters, is located in Al Rumais in the Wilayat of Barka. The development agreement signed between the MoT and the Palm’s Beach Company was done as per the Oman Land Usufruct Law.
The estimated cost of the project is OMR 256 million. The development is characterised by its prominent location in the Al Rumais area which links the Muscat Governorate with the Wilayat of Barka. Notable features of the project are the 830 meter waterfront overlooking the Sea of Oman and at the heart of the development a Crystal Lagoon and promenade covering an area of 51,000 square metres which will become the recreational and entertainment heart of the new urban area,
Eng. Khaled Al-Mashaan noted, “The Sultanate is rapidly becoming known for great opportunities for investors, especially in the tourism sector; which we expect will be one of the most prominent economic sectors for the country over the coming years. ALARGAN International was one of the first investors in the Omani real estate sector and we’ve had many success stories across the various governorates of the Sultanate. Today, we are to the brink of achieving yet another success story in the real estate development sector with Al Nakheel ITC; a project that will be made affordable for both citizens and residents alike.”
Al Nakheel project, which was highly commended at the 2015 Arabian Property Awards in the mixed-use projects category for its innovative design and outstanding location, is considered to be one of the most high-profile additions to the ITC market in the Sultanate. The development includes three hotels and hotel apartments with a total capacity of 670 rooms, 1,436 residential apartments, villas and houses which will be available for ownership for all nationalities and citizens. It will also include a shopping mall, a traditional souk, various restaurants, an aqua park and other entertainment and service facilities.
The project aims to strengthen the infrastructure of the tourism sector, raise the numbers of hotel rooms, create rewarding employment opportunities for Omanis, create added value for the society, and achieve other goals that are related to the development of the tourism sector in the Sultanate in line with the country’s tourism strategy for 2040.
Mr. Mohammed bin Moosa Al Abri said, “Al Nakheel was designed in such a way as to reflect the high value of the area as well as to serve as an entertainment destination for the families living in Barka and those living in the surrounding areas. Furthermore, people looking for state-of-the-art modern housing will find everything they need in our wide-ranging variety of residential units at the project. The Al Nakheel is easily one of the leading projects of its kind in both the real estate and tourism fields and it will no doubt have a positive impact on the lives of people living in Barka and in the surrounding areas. It will also enhance the presence of Barka as one of the most attractive destinations for local and regional tourists.’’
The project will be developed in three phases over the course of 10 to 15 years, based on the market requirements. The construction works for the first phase of the development is expected to begin in 2018. It will include the project’s infrastructure, the Crystal Lagoon, 4-star hotel with a capacity of 125 rooms, 185 hotel apartments, traditional souk, 582 units of apartments and villas. As the area in which the project is located lacks the necessary basic infrastructure services, the company will install electricity and water supplies, and will also build a bridge and road connecting the new Al Batinah Coastal Road with the project will also serve the needs of all the residents living in the area.
ALARGAN TOWELL INVESTMENT COMPANY, the main investor in the project, was founded in 2003 in the Sultanate of Oman as a result of the strategic alliance between ALARGAN International Real Estate Company and the reputed WJ Towell. This innovative partnership led to the construction of a number of successful and integrated projects, such as Beyout Al Faye, the Al Waha project, the Al Mawalih Villa’s project, the Al Hail homes project, and the Al Qurum Gardens project as well as the Al Nakheel project which was launched today.
As a direct result of their many successes, ALARGAN TOWELL has received numerous international, regional, and local awards. Most recently, they received ‘The Affordable Housing Project of the year 2016’, from Oman Real Estate Association. The award was given to ALARGAN for Al-Waha project in Barka. The company also had received the Best Developer Award for Residential Neighbourhoods at the Oman Real Estate Awards, 2015. Additionally, the AlNakheel project was Highly Commended at the prominent regional real estate development awards, the Arabian Property Awards, in Dubai, 2015.
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© Press Release 2017
