(MENAFN Press) ALARGAN International Real Estate Company has announced the launch of its new project in the Sultanate of Oman with a total cost of OMR 200 million. The project falls under the integrated touristic complex classification and is comprised of various amenities including hotels, a traditional souk and commercial strips that are surrounding a manmade lagoon.
The announcement came during the Tourism Investment Conference which was held in Oman last week. The sessions brought out important recommendations notably those concerning the private sector's participation in the development of projects with the state government.
During the rendering of the touristic city project, Mr. Khaled Al-Mashaan Chairman and Managing Director of ALARGAN International Real Estate Company mentioned: "The project constitutes an important addition to tourism in the Sultanate of Oman. It is an integrated city providing services to Oman's citizens and residents, and will play a key role in attracting investments to the Sultanate. The project is aimed at creating jobs for approximately 2 thousand people.
He also stated that the project is located in the Abu Al -Nakheel area, behind Al-Naseem Park, which may lead to officially naming the project "Al -Nakheel City." He added that this integrated touristic city constitutes hotels, standalone villas with direct sea views, as well as one, two and three bedroom apartments catering to the various needs of all segments within Oman's community. In addition, the city is centred on a man made swimmable lagoon, which allows visitors to enjoy the lagoon's shores as well as many different water sports and activities.
Mr. Al-Mashaan also commended the continued support and cooperation shown by the Omani government both to the local and foreign investors, including the services offered to visiting tourists. He also highlighted the touristic potentials enjoyed by the Sultanate, particularly the encouraging investment climate in the tourism sector, pointing to the importance of tourism as an industry that can be relied upon in increasing the country's Gross Domestic Product. The total value added to GDP from the sector stood at OMR 689.7 million, while the number of tourists reached approximately 2.8 million.
ALARGAN International, through its strategic partnership with, "ALARGAN TOWELL Investment Company" manages large scale projects in the Sultanate of Oman, covering a total land area that exceeds 2 million sqm. These projects include: Beyout Al Faye, Al Hail Homes, Al Qurm Gardens, Naseem Salalah and Al-Waha, all of which encompass various residential and commercial spaces.
ALARGAN TOWELL Investment Company was established in the Sultanate of Oman in 2003, as a strategic partnership between ALARGAN International Real Estate Company and W. J. Towell. The Company's performance has been widely recognized through many awards, such as the 2005 Euromoney Award for "Best Housing Developer", the "Excellence in Real Estate" award from the Islamic Real Estate Finance Middle East (IREF ME), the "Best Real Estate Developer" award in the 2008 at the International Real Estate Finance Summit (IREF) and the Cityscape Architecture Emerging Markets Award in 2009.