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: New Site Rival?

Omagine

almost 8 years ago

in response to beachmaster's message

I know both sites reasonably well. They are very very different and I wouldn't see Mina Sultan Qaboos as a competitor. On the contrary, it is an important addition to the overall tourism attrection for Oman and Muscat. Mina Sultan Qaboos is the development of what is currently a commercial port. It has been in planning development for some time. It is next to Mutrah, where the most interesting souk is located and close to Old Muscat.

The cruise market will grow significantly and mina Sultan Qaboos will serve that well. I don't believe it is something that will impact positively or negatively on Omagine. The empahsis on the creation of employment is signficant and a high priority in Oman, as it is in the rest of the GCC.

Personally I see this as good news. More tourism 'product' of a high quality will benefit all developments. The distance between the two sites is about 20 miles.

I am just back from a conference in Dubai on Cultural Tourism. Discussions with a speaker who was a representative of the Ministry of Tourism from Oman (who has recently moved into education) were very encouraging from 'our' perspective.

Onwards and upwards - I believe we will all see the results we are looking for. I just dont know when.