Oman’s Bank Nizwa has signed a financing agreement with the local Palm Beach Company for development of the 250-million Omani rial ($649 million) Al Nakheel Integrated Tourism Complex (ITC) project, located on the seafront between Al Seeb and Barka in the Sultanate.

The financing would be extended for the development of Phase 1A of the project, which will commence in 2022, the Bank said in a press statement.

Oman’s Ministry of [Heritage and] Tourism had signed the development agreement with Palm Beach Company to develop Al Nakheel ITC in April 2017, according to a press statement by Alargan Towell Investment Company, the main investor in the mixed-use project.

Bank Nizwa said the project would be developed in three phases over a land area of 500,000 square metres with a total built-up area of 369,000 sqm. It is expected to include three hotels, villas, apartments, serviced apartments, mixed-use souks, an aqua park, a mall, and a school.

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, according to the statement.

The April 2017 press statement noted that the project will feature three hotels and hotel apartments totalling 670 keys, 1,436 residential apartments, villas and houses which will be available for ownership for all nationalities and citizens.

(Writing by SA Kader; Editing by Anoop Menon)