Omagine

Company has signed a Development Agreement with the Government of the Sultanate of Oman. Omagine Owns 60%; Sultanate Owns 25%; Consolidated Contractors Owns 15%. Project to be developed on 245 acres of beach front land on Gulf of Oman. The estimated cost approximately $2.5 Billion. BNP Paribas To Lead Construction Financing Syndicate.
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adding pictures
almost 10 years ago
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in response to bill4810's message

Just my interpretation. The 1million sqre meters is what is there now. The net of dredging and adding is unknown since that will take more time and design and they can't give us land that doesn't exist. However, from the DA, omagine will receive an amendment to the usufruct once the land is complete. Below is an excerpt from the DA.

9.6 Reclaimed Land, and Land Title
9.6.1 Subject always to Clause 9.6.4 below upon the formation of dry land for the Reclaimed Land, the Government shall after receiving proper notification from the Project Company that the works necessary for the creation of such Reclaimed Land, including an Environmental Impact Assessment, the survey thereof, together with a certificate from a professional engineering firm licensed to practice in the Sultanate of Oman that the compacted land is fit for the purpose of construction, have been duly completed in accordance with the DCP and Law (such notice to be given not earlier than the point in time when the Reclaimed Land is created), grant a Usufruct right for the remainder of the Usufruct Term to such land to the Project Company on the terms as set out herein and upon request from the Project Company or do all such things as are necessary so as to transfer and register the necessary Freehold Title thereto in the name of the Project Company (or directly to a third party if so requested by the Project Company) in a timely manner
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JB011
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Treasurer
Activity Points
445
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Date Joined
11/11/2013
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Omagine
Symbol
OMAG
Exchange
OTCQB
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20,799,937 as of 01/04/2017
Industry
Bricks & Mortar
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