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: news just out

Omagine

almost 9 years ago

in response to oldguy's message

I totally agree it's a brilliant move.

Omagine did say that Omani banks were willing to use the land rights as collateral, but if the Qatari bank was the first bank to offer an acceptable term sheet and LLC has to put up $25MM, so be it. The loan (if it's completed) will put everything in motion and it's great news.