(MENAFN- Muscat Daily) Muscat- In a sign of growing confidence in the real estate and hospitality sectors, the Ministry of Tourism (MoT) will sign another agreement to develop an Integrated Tourism Complex (ITC). The project is centered around a man-made lagoon of around 51,000sq m covering a total area of more than 500,000sq m.
In a statement, the ministry said that H E Ahmed bin Nasser bin Hamad al Mehrzi, Minister of Tourism, will sign the agreement to develop Al Nakheel Integrated Tourism Complex with Palm's Beach Company on Monday. Palm's Beach Company, part of Alargan Towell Investment Company, is the developer of Al Nakheel ITC project which is located on the emerging coastal area of Al Rumais in Barka, approximately 4.2km from the Naseem Gardens roundabout.
This will be the third ITC project agreement signed by the ministry in about a month. The other two being the RO385mn Quriyat Tourism Complex and RO400mn Naseem A'Sabah in Mawaleh. According to Alargan, Al Nakheel is a mixed use ITC to be developed. The project covers 500,000sq m of leasehold land, with 833m of waterfront overlooking the Sea of Oman.
It features mixed use developments centred on a man-made Crystal Lagoon, including international hotels, villas, townhouses, apartments, serviced apartments, a lagoon promenade and a traditional mixed use souq, a mall, an aqua park and a school. Alargan Towell Investment Company was established as the result of a strategic alliance between the Kuwait-based Alargan International Real Estate Company and WJ Towell from Oman.
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