MoT signs agreement for Al Nakheel ITC in Barka

The Ministry of Tourism (MoT) on Monday signed an agreement with the Palm’s Beach Company to develop the Al Nakheel Integrated Tourism Complex (ITC) project at Barka. The development agreement was signed by HE Ahmed bin Nasser bin Hamad al Mehrzi, Minister of Tourism, and Mr. Hussain Jawad, Chairman of the Board of Directors of Palm’s Beach Company and of ALARGAN TOWELL Investment Company, the primary investor of the project. The signing ceremony was held at the General Diwan of the Ministry was attended by Eng. Khaled Al-Mashaan, CEO and Vice Chairman of the Board of Directors of ALARGAN International Real Estate Company based in Kuwait, Eng. Hisham Moussa, CEO of ALARGAN TOWELL Investment Company, Mr. Mohammed bin Moosa Al Abri, General Manager of Palm’s Beach Company, as well as a number of senior officials from the MoT.
Commenting on the launch of the Al Nakheel ITC development, HE Ahmed bin Nasser Al Mehrzi stressed that despite the instability in the global economy and the fluctuation of oil prices, the demand for investment in the tourism sector in the Sultanate is increasing from both investors inside and outside the Sultanate. He noted, “Over the past few weeks we have witnessed the signing of a number of agreements with various private sector companies to develop new ITC’s, each of which will provide a variety of modern accommodation and tourism facilities for both tourists and locals.” He explained that the market is open to investors, with room for investments in hotels, resorts and hotel apartments at all levels. He also highlighted the Ministry’s efforts in joining hands with the private sector to launch projects that support growth of the tourism sector and enhance its contribution to the GDP.