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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Re: Context

Omagine

over 9 years ago

in response to alfederici's message

Al,

That was a great post of yours (4/16), seeking information as to how other real estate projects have fared. I'd sure like to know if the manner in which the Omagine Project is being handled is endemic. Like you, I would like to know if the MOT must sign off on all these projects, how long it took for him to act upon them and bring them to fruition. Management's response referred us to the Omani press articles printed over the years. Those article which WERE brought to our attention did mention project names but none of the details you requested, with the possible exception of The Wave.

Perhaps one of our shareholders has contact with a local reporter or anyone in Oman who can provide answers to your questions. It would be interesting to learn how the other half lives.