Sunday, July 14, 2024

Al Nakheel signs second phase deal for $650m tourism project

Oman-based Al Nakheel has signed a deal with the National Company for Construction Works (NCCW) for the construction package including roads and infrastructure of the $650-million Al Nakheel Integrated Tourism Complex (ITC) project.

The project, being developed by Alargan Towell Investment Company in Oman, is coming up on the seafront in the Wilayat of Barka in proximity to the Daymaniyat Islands Nature Reserve.

The agreement was signed by Mohammed Moosa Al Abri, CEO of Al Nakheel, and Wissam Al Aani, Executive Representative of NCCW. The signing covers the construction package for the roads enabling works of the project. It will stretch over 500,000 sq m with the usufruct right, and almost one kilometre of waterfront overlooking the Sea of Oman.

New tourism concepts

Al Nakheel aims to strengthen the tourism sector, create more job opportunities and bring new tourism concepts to Oman in line with the Government’s Oman Vision 2040.

The Al Nakheel project seeks to take shape as a masterpiece of affordable community living that will elevate urban development in Oman to new heights. A unique water body Crystal Lagoon covering an area of 51,000 sq m will be the centrepiece of the development.

The project will also be home to one lakefront hotel and two seafront hotels, along with villas, apartments, townhouses, and serviced apartments. It will also include a shopping mall, a souk, an international school, various restaurants, an aqua park and other entertainment and service facilities.

Al Abri said: “The signing reflects our commitment to develop the Al Nakheel project and to present new concepts to buyers, investors and tourists, citizens and residents, to support the Government’s endeavour towards achieving Oman Vision 2040. We believe the project will attract local and foreign investments across various components of the project, create added value and contribute to the GDP of the sultanate.”

Positive impact

Al Ani said: “We are confident that the Al Nakheel project will be one of the most prominent tourism and real estate projects in the region. The development of the project will empower the growth of Oman’s tourism and real estate sector and deliver a positive impact on the national economy.”

The first construction package for Al Nakheel project started earlier this year which included earth work for the roads and the leveling of the land. The next phase will include enabling works for the Crystal Lagoon, roads, and infrastructure package.

Al Nakheel ITC is iconic for its pristine location and a unique combination of facilities that create a one-of-a-kind marketing mix to cater to the wider Omani and foreign market. The project is expected to cater to the fast-growing Omani population, GCC and foreign investors and holiday makers through its offering of residential, hospitability and retail components.

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