Bank Nizwa has signed a RO250 million ($650 million) agreement with Palm Beach for Al Nakheel Project, an integrated tourism complex (ITC) in Oman, which will be developed by Alargan Towell Investment Company.

Al Nakheel, being built under the auspices of the Ministry of Heritage and Tourism, is a mixed-use real estate development located on the seafront between Al Seeb and Barka, near the Daymaniyat Islands Nature Reserve.

To be built on a 500,000-sq -m area, it will have a total built-up area of 369,000 sq m, which will be developed in three phases. Bank Nizwa financing will be extended for the development of Phase 1A of the project, work on which will commence this year.

The development is centered on a Crystal Lagoon of 51,000 sq m, which will be the first in Oman and will act as a major anchor, 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.

Khaled Al Kayed, CEO of Bank Nizwa, said: “The Al Nakheel Project, which is set to be an iconic destination, will certainly attract significant investments. We are delighted to join hands with a reputable company as Palm Beach and be a part of this prestigious development.”