MUSCAT: As a progressive, forward-looking, and dynamic Islamic bank, Bank Nizwa has remained committed to contributing to the nation’s vision of achieving a diversified economy. In line with the same, Bank Nizwa has undertaken innumerable initiatives to support different sectors in the Sultanate. In its most recent endeavour, the bank signed an agreement with Palm Beach LLC for Al Nakheel Project that will be developed by Alargan Towell Investment Company.
Al Nakheel is an Integrated Tourism Complex (ITC) under the auspices of the Ministry of Heritage and Tourism. With a total value of RO 250 million, the mixed-use community real estate development is idyllically located on the seafront between Al Seeb and Barka, in close proximity to the Daymaniyat Islands Nature Reserve. Slated to be constructed on a land area of 500,000 sqm, it will have a total built-up area of 369,000, envisaged to be developed in three phases. Bank Nizwa financing will be extended to for the development of Phase 1A the Project, development of which will commence in 2022.
Khaled al Kayed, CEO of Bank Nizwa said, “The real estate sector is a critical component of the national economy, and the upcoming Al Nakheel Project, which is set to be an iconic destination, will certainly attract significant investments. We are indeed delighted to join hands with a reputable company as Palm Beach LLC and be a part of this prestigious development. While this project will significantly boost the real estate sector in the country, it also reaffirms our commitment to support national initiatives that offer sustainable, long-term benefits while strengthening Oman’s position as a lucrative investment destination.”
He further added saying, “Targeting the middle-income strata of the local and expatriate population, Al Nakheel Project has various offerings for the residential, tourism, and retail market. Positioned as an attractive and affordable tourism destination, it also closely resonates with the bank’s values of promoting inclusivity while also ensuring that an exciting lifestyle experience is more accessible to all.”
The development is centred on a Crystal Lagoon of 51,000 sqm, which will be the first in Oman and will act as a major anchor for the development, thus differentiating Al Nakheel from other ITC developments. Once completed, the project is expected to include three hotels, villas, apartments, serviced apartments, mixed-use souks, an aqua park, a mall, and a school, all of which are carefully spread over different phases.
