Oman’s first and leading Islamic financial institution, Bank Nizwa has signed a financing agreement with Palm Beach Company 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 $650 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.
It will be constructed on 500,000 square meters of land and have a total built-up area of 369,000 sqm, which will be envisaged in 3 parts, Bank Nizwa financing will be extended for the development of Phase 1A the Project, development of which will commence in 2022.
“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.”
Through partnerships like these, Bank Nizwa will continue to remain steadfast in fulfilling the strategic goals of the nation while keeping pace with the evolving trends of the market and leveraging its industry expertise to deliver innovative Sharia-compliant solutions that add value to the community.