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: It's like watching grass grow

Omagine

over 8 years ago

in response to stock_shark1's message

Well summed up Crookedneck!

Maybe we'll get a little bounce after contract signing. My view is the REAL bounce will be after a successful sales launch - first cash inflow from the development. Thats the real test for any development.

Things are tough all over for middle eastern contractors right now and I'd Omagine CCC's war chest has taken quite a battering over the past 12months. As soon as they sign the contract CCC have to hand over $50million. This has got to be a problem!

http://www.thenational.ae/business/property/saudi-business-leader-seeks-king-salmans-help-on-government-payments-to-construction-firms

I do feel a little misled by management saying the deal will be done 'soon' since the early part of last year........not cool! Anyway the Development Agreement makes it a condition that the Contract and I think financing are finalised by END JUNE 2016 so here's hoping we don't we'll be out of our misery before then!