Welcome to Q&A a production of AGORACOM in which we seek questions directly from shareholders which are answered during our live interviews.With us today is Frank J. Drohan Chairman & CEO Omagine Inc.
- Company has signed a Development Agreement with the Government of the Sultanate of Oman.
- Omagine Owns 60%; Sultanate Owns 25%; Consolidated Contractors Owns 15%
- Developed on 245 acres of beachfront land on Gulf of Oman
- Estimated cost approximately $2.5 Billion
- BNP Paribas To Lead Construction Financing Syndicate
Hub On AGORACOM / Read Release
Omagine, Inc. (“OMAG”), through its 60% owned subsidiary Omagine LLC, plans to develop a $2.5 billion real-estate, tourism and entertainment project (the “Omagine Project”) in the Sultanate of Oman.. Omagine LLC was formed in Oman by OMAG as a wholly owned subsidiary and OMAG subsequently arranged for Omagine LLC to sell a 40% equity ownership interest in Omagine LLC to two partners for $70 million. The 2 partners are (i) the Sultan of Oman, and (ii) a $5 billion multi-national corporation.
The Omagine Project is planned to be developed on one million square meters (equal to approximately 245 acres) of beachfront land facing the Gulf of Oman (the “Omagine Site”) just west of the capital city of Muscat and approximately six miles from Muscat International Airport. It is planned to be an integration of cultural, heritage, educational, entertainment and residential components, including: a “high culture” theme park containing seven pearl shaped buildings, each approximately 60 feet in diameter, associated exhibition buildings, a boardwalk, an open air amphitheater and stage; open space green areas; a canal and an enclosed harbor and marina area; associated retail shops and restaurants, entertainment venues, boat slips, and docking facilities; a five-star resort hotel, a four-star resort hotel and possibly a three or four-star hotel; commercial office buildings; shopping and retail establishments integrated with the hotels, and approximately two thousand residences to be developed for sale. OMAG owns all the copyrights and intellectual property associated with the Omagine brand.
Company recently announced that its 60% owned subsidiary, Omagine LLC has signed a Development Agreement (“DA”) with the Government of the Sultanate of Oman (“Oman”).
Omagine, Inc. (the “Company”) organized Omagine LLC under the laws of Oman to design, develop, own and operate a tourism and real-estate development project in Oman named the Omagine Project. The Omagine Project is estimated to cost approximately $2.5 billion to design, develop and construct.
The Omagine Project is planned to be an integration of cultural, entertainment and residential components, including: hotels, commercial buildings, retail establishments and more than two thousand residences to be developed for sale. It will be developed on one million square meters (245 acres) of beachfront land (the “Omagine Site”) facing the Gulf of Oman just west of the capital city of Muscat and approximately six miles from Muscat International Airport.
Omagine LLC owns the Omagine Project which, over the next several years, is projected to generate exceptional cash flow to the Company and the other Omagine LLC shareholders. The Company owns 60% of Omagine LLC.
The other Omagine LLC shareholders are:
||the office of Royal Court Affairs (“RCA”), which owns 25%, and
||two subsidiaries of Consolidated Contractors International Company, SAL (“CCIC”), which collectively own 15%.
About the office of Royal Court Affairs.
The office of Royal Court Affairs (“RCA”) is an Omani organization representing the interests of His Majesty, Sultan Qaboos bin Said, the ruler of Oman.
About Consolidated Contractors.
Consolidated Contractors International Company, SAL (“CCIC”) is a multi-national company headquartered in Athens, Greece. In 2012 CCIC had 5.4 billion dollars in revenue, 126,000 employees worldwide and operating subsidiaries in, among other places, every country in the Middle East and North Africa.