The Al Nakheel Integrated Tourism Complex (ITC) project has officially signed a multi-million agreement. The project’s US $650 million agreement got signed by Bank Nizwa with Palm Beach.
The mixed-use real estate development’s location is near the Daymaniyat Islands Nature Reserve, right between Barka and Al Seeb. It is set to become an iconic destination. It, therefore, holds great potential to certainly attract significant investments.
Al Nakheel Integrated Tourism Complex (ITC) will be developed by Alargan Towell Investment Company under the auspices of the Ministry of Heritage and Tourism.
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The Al Nakheel Integrated Tourism Complex (ITC) to boost Omani Real Estate Sector
Planned to be developed in three phases, Al Nakheel Integrated Tourism Complex (ITC) will span a total land area of 500,000 square meters. It will boast a total built-up area of 369,000 square meters.
Upon completion, the development will feature apartments, three hotels, as well as villas. It will also feature mixed-use souks, a school, and an aqua park alongside a mall. The development’s center will be around a 51,000 square meter Crystal Lagoon, which will be the very first within Oman.
The CEO of Bank Nizwa spoke about the project. Khaled AL Kayed said that the real estate sector is not just a critical but an essential part of the national economy. Hence, the project will not only attract investments but also boost the real estate sector within Oman.
Furthermore, the CEO pointed out that the project reaffirms its commitment to supporting natural initiatives that offer long-term and sustainable benefits.
