Omagine

Development pact inked for $2.5bn Omagine Project

Sunday 05th, October 2014 / 19:22 Written by Oman Observer

in Business

Share on facebookShare on twitterShare on emailShare on pinterest_shareMore Sharing Services1

By A Business Reporter –

MUSCAT — Omagine, Inc, the US based public traded firm, has announced that its 60 per cent owned subsidiary, Omagine LLC, has signed a Development Agreement (DA) with the Government of the Sultanate of Oman.
Omagine, Inc organised Omagine LLC under the laws of Oman to design, develop, own and operate a tourism and real-estate development project in Oman named the Omagine Project. The Omagine Project is estimated to cost approximately $2.5 billion to design, develop and construct.
The Omagine Project is planned to be an integration of cultural, entertainment and residential components, including: hotels, commercial buildings, retail establishments and more than two thousand residences to be developed for sale. It will be developed on one million square metres (245 acres) of beachfront land facing the Sea of Oman just west of the capital city of Muscat and approximately six miles from Muscat International Airport.
Omagine LLC owns the Omagine Project which, over the next several years, is projected to generate exceptional cash flow to the Company and the other Omagine LLC shareholders. The Company owns 60 per cent of Omagine LLC. The other Omagine LLC shareholders are: (i) the Office of Royal Court Affairs which owns 25 per cent, and ii. two subsidiaries of Consolidated Contractors International Company, SAL (CCIC), which collectively own 15 per cent..
“We are tremendously pleased with today’s signing of the Development Agreement and are anxious to now begin the development of the Omagine Project,” said the Company’s president, Frank J Drohan.
Drohan continued, “Our mission is to develop, own and operate innovative tourism projects with components that are thematically imbued with culturally aware, historically faithful, and scientifically accurate entertainment experiences. We design the tourism elements to provide modern, stylish and entertaining experiences while highlighting the world’s great cultures, art, music, heritage, science and philosophy. We expect the Omagine Project to be the archetype for our future projects in the Middle East and North Africa.” (OEPPA Business Development Dept)