Oman to ink deal with Palm Beach Co for $688m ITC
Al Nakheel ITC will include three hotels, villas, townhouses, apartments, serviced apartments, a lagoon promenade, a souk, an aqua park, and a school
Oman’s Ministry of Tourism will sign a contract with Palm Beach Company to develop the $688m (OMR265m) Al Nakheel Integrated Tourism Complex (ITC).
ITC will be located in the waterfront of the Wilayat of Barka in the Governorate of South Al Batinah, and all units will be available for freehold by Omanis and foreigners, Oman News Agency reported.
The project, which will stretch over 50ha with the usufruct right, has an area of 833m of waterfront overlooking the Sea of Oman.
It is provided with a 3.5ha man-made Crystal Lagoon that will be located in the middle of the project to act as a hub for the entertainment activities and the reference point around, which the project's components will be constructed.
The project includes three (four- and five-star) international hotels, villas, townhouses, apartments, serviced apartments, a lagoon promenade and a traditional mixed use souk, a shopping mall, an aqua park, and a school.
The property is considered to be a prime location, which is suitable for tourism, commercial, and residential development.
The planned new railway link (GCC coverage), enlargement of Muscat International Airport, and general infrastructural improvements linking Barka to the central Muscat areas should contribute to the emergence of Barka as an important and vibrant growth area.
Al Nakheel ITC comes within the efforts made by the Ministry of Tourism, in partnership with the private sector to implement and develop several ICT projects.