Al Nakheel and NCCW ink deal for roads and infrastructure for Al Nakheel ITC
The Al Nakheel Integrated Tourism Complex (ITC) project is expected to be one of the most prominent tourism and real estate projects in the region
A deal for the construction package of roads and infrastructure for the $650mn Al Nakheel Integrated Tourism Complex (ITC) project in Oman has been signed by Al Nakheel and the National Company for Construction Works (NCCW). The project is being developed by Alargan Towell Investment Company, and is taking shape on the seafront in the Wilayat of Barka.
The agreement was signed by Mohammed Moosa Al Abri, CEO of Al Nakheel, and Wissam Al Aani, Executive Representative of NCCW. The deal outlines the construction package for roads enabling works of the project – it will stretch over 500,000sqm with the usufruct right, and almost one kilometre of waterfront overlooking the Sea of Oman.
According to Al Nakheel, the new project 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. It aims 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 51,000sqm will be the centrepiece of the development, the firm noted.
In mid May 2022, Alargan Towell Investment Company said it had begun work on Phase One of Al Nakheel ITC.
“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 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,” said Al Abri.
The project will be home to one lakefront hotel and two seafront hotels, along with villas, apartments, townhouses, and serviced apartments. A shopping mall, souk, an international school, various restaurants, an aqua park and other entertainment and service facilities are also planned as part of the project.
Al Ani remarked, “We are confident that the Al Nakheel project will be one of the most prominent tourism and real estate projects in the region. Its development will empower the growth of Oman’s tourism and real estate sector and deliver a positive impact on the national economy.”
In mid September 2022, Bank Nizwa signed a $650mn agreement with Palm Beach for the Al Nakheel ITC project.
The first construction package for the Al Nakheel project is said to have 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 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, the company concluded.
In early January 2023, David Clifton, Regional Director – Middle East & Africa at Faithful+Gould shared his observations on Oman’s construction industry exclusively with Middle East Construction News.
