Al Nakheel signs second phase agreement for ITC project

Muscat: In line with its commitment to launch the construction phase, Al Nakheel has signed an agreement with National Company for Construction Works (NCCW) to implement the construction package for roads and infrastructure in the Al Nakheel Integrated Tourism Complex (ITC)project being developed by Alargan Towell Investment Company in Oman. The project is coming up on the seafront in the Wilayat of Barka in proximity to the Daymaniyat Islands Nature Reserve.

The agreement was signed by Mr. Mohammed Moosa Al Abri, CEO of Al Nakheel and, Mr. Wissam Al Aani, Executive Representative of NCCW. The signing covers the construction package for the roads enabling works of the $650 million project. It will stretch over 500,000 square meters with the usufruct right, and almost one kilometer of waterfront overlooking the Sea of Oman. 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.

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

Emphasising the importance of this agreement Mr. Mohammed Moosa Al Abri said, “The signing of the roads enabling work package with NCCW denotes an important milestone for construction works for Al Nakheel ITC. It reflects our commitment of developing the Al Nakheel project and to present new concepts to buyers, investors and tourists, citizens and residents, to support the Government’s endeavours 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.”

Mr. Wissam Al Ani, Executive Representative of NCCW said, “We are extremely pleased to engage with Al Nakheel and lay the first building blocks of this significant ITC project. 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.”

It is worth mentioning that the first construction package for Al Nakheel project started earlier this year which included earth work for the roads and the levelling 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 targeted to cater to the fast-growing Omani population, GCC and foreign investors and holiday makers through its offering of residential, hospitability and retail components.