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OMAGINE Signs Usufruct Agreement on $2.5B Oman Beachfront Development

Posted by AGORACOM-JC at 3:06 PM on Wednesday, July 1st, 2015

Signed a Usufruct Agreement with the Government of Oman whereby the Government granted LLC certain rights over the one million square meters (approximately 245 acres) of beachfront land which rights include the right to sell such land on a freehold basis. The land in Oman will be utilized by LLC for the development in of a mixed use tourism and residential project, the Omagine Project.

About the office of Royal Court Affairs.

The office of Royal Court Affairs 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. CCIC has approximately 5.5 billion dollars in annual revenue, 120,000 employees worldwide and operating subsidiaries in, among other places, every country in the Middle East and North Africa.

Hub On AGORACOM / Corporate Website / View 8-K Filing

Omagine In the News – Multiple Press Pieces

Posted by AGORACOM-JC at 12:49 PM on Tuesday, June 30th, 2015

http://the-mea.co.uk/news/omagine-sign-25bn-mixed-use-project-deal-july-1

http://www.gulfconstructiononline.com/stories/source/?url=/IND_285244.html

http://www.topix.com/world/oman/2015/06/1506309TH42P

http://kuwaitnris.com/agreement-on-omagine-project-to-be-signed-tomorrow/

http://timberexec.co.uk/agreement-on-omagine-project-to-be-signed-tomorrow/

http://ttnonline.com/ArticleTA/285245

http://mideaster.com/news/Agreement+on+Omagine+Project+to+be+signed+tomorrow

http://pmgulf.com/content/agreement-on-omagine-project-to-be-signed-tomorrow-construction-week-online/

http://morocco.shafaqna.com/EN/MA/200078

http://www.omanbulletin.com/story-z7174849

http://www.constructionweekonline.com/article-34235-agreement-on-omagine-project-to-be-signed-tomorrow/

http://www.arabianindustry.com/construction/news/2015/jun/30/agreement-on-omagine-project-to-be-signed-tomorrow-5083286/#.VZKi_vlVhHw

https://www.venturesonsite.com/news/key-usufruct-agreement-on-the-us-2-5-bn-omagine-project-to-be-inked-on-july-1st/

Regards,

AGORACOM

5 things you didn’t know about Oman

Posted by AGORACOM-JC at 9:54 AM on Thursday, April 2nd, 2015

2 April 2015 by Jack Carter

C&IT reveals five facts that make the Sultanate of Oman a C&I destination on the rise, including new multi-million pound developments and a range of exciting incentive options.

Muscat, Oman

One million square metre tourism complex planned

As part of wider plans to develop Oman’s tourism sector, the ‘Omagine’ Project in capital Muscat will see the development of a number of four- and five-star hotels, an open theatre, a small marina and a series of restaurants across an area of one million square metres.

Minister of Tourism Ahmed bin Nasser al Mahrzi stated that the project is just one of the major tourism developments in the pipeline for the Sultanate.

New convention & exhibition centre in 2016

The Oman Convention & Exhibition Centre (OCEC) is scheduled to open early 2016 with the aim of turning the country into a serious contender for hosting large-scale conventions and exhibitions. Initially, the venue will include 22,000sqm of event space and a further ten meting rooms, which altogether can host up to 10,000 delegates.

The second phase of the venue is scheduled to be complete in 2017, which will introduce a 3,200-seat auditorium, a 456-seat theatre and two ballrooms that will add another 5,000 people to the OCEC’s total capacity. The development plans also include four hotels that will add 1,000 rooms to the area, a shopping mall and business park.

Target of 10,500 hotel rooms in Muscat by 2018

With two luxury Jumeirah Hotels & Resorts properties, a five-star InterContinental Hotel & Golf Clubhouse and three Millennium & Copthorne properties all in the pipeline, the Sultanate of Oman is targeting a total of 10,500 hotel rooms for Muscat by 2018.

The InterContinetntal Hotel & Golf Clubhouse, which will be located near to Muscat International Airport, is expected to offer 270 rooms, whilst the three new Millennium & Copthorne hotels that are due to open next year will contribute more than 400 rooms to the city.

In the first quarter of 2014, four- and five-star hotels in Oman saw a 20.7% increase in the number of guests, with a total of 368,764.

Oman is the oldest independent Arab state

Oman is the oldest independent state in the Arab world and it has been ruled by the Al-Said family since 1744. In 1970, Sultan Qaboos Bin Said opened the borders of the country after years of international isolation. Tourism has been one of the main sources of revenue for Oman ever since, yet its mountains, ancient cities, and deserts remain largely untouched.

There’s more to Oman than just Muscat

Muscat’s growing infrastructure, ancient culture, and its combination of coastline and mountains instantly makes the capital city a clear favourite among groups. However, the Sultanate has plenty more to offer, from stunning secluded beaches to mountainous peaks where settlements and communities still reside.

A drive down the coast of the Arabian Sea from Muscat is Sur, a quiet coastal town, which is the alleged home of the legendary Sinbad the sailor. The ancient, winding cobbled streets lead down to the Dhow Shipyards, where the boats that famously trawled the Red Sea are still built today.

Inland from Muscat are the Western Hajar Mountains, which stand at 3,010 metres high. Groups can take a safari along the roads and up towards the peak where 400-year-old mud houses that are still occupied today can be found. Hidden in the mountainside’s crevasse is Misfah al Abreen, a quiet garden farmed by local herders.

Source: http://www.citmagazine.com/article/1341169/5-things-didnt-know-oman (Free registration required)

Financial adviser for $2.5 billion Omagine project by Q1 2015

Posted by AGORACOM-JC at 10:50 AM on Monday, February 2nd, 2015

Conrad Prabhu –
MUSCAT :
Feb 1: The developer of the Omagine mixed use tourism, leisure and residential development planned along the Seeb waterfront in Muscat Governorate says it aims to appoint a Financial Adviser for the estimated $2.5 billion development by the first quarter of this year.

The company’s US based majority shareholder, Omagine Inc, said in a filing to the Securities Exchange Commission (SEC) that it had begun the process of selecting a competent Financial Adviser for the project. “Omagine LLC management is meeting with, interviewing and requesting proposals from a number of banks and financial institutions seeking to act as the LLC’s financial adviser and it is presently expected that a definitive and binding agreement between one such bank or financial institution will be signed by the end of the first quarter of 2015,” it stated.

The move comes as Omagine LLC prepares to launch work on the ambitious development, which features a mix of hotels, retail shops, restaurants, office space, open air amphitheatre and stage, exhibition venues, harbour and marina, and more than 2,000 residential units.
The centrepiece is a high culture theme park consisting of seven pearl-shaped buildings each with a different theme, such as the Innovation Pearl, The Energy Pearl, and the Culture Pearl. The pearls will feature motion ride experiences, simulations, games, interactive demonstrations, multi-media presentations and possibly a planetarium, aquarium and more.

Envisioned in Phase One is the initial design of the project, encompassing initial planning, design, environmental studies and approvals, master planning, surveying, soil engineering and testing, initial site work, office space, personnel and equipment, and organisational, marketing and public relations efforts.

According to the company, the selected Financial Adviser will advise on the capital structure of Omagine LLC, as well as lead the syndication of the debt financing required to execute the project. In this regard, it denied media reports suggesting the appointment of BNP Paribas as its Financial Adviser.

“This is untrue. Although (Omagine) LLC did have a two year old non-binding letter of intent with BNP, BNP was never appointed as the Financial Adviser for (Omagine) LLC. As of the date hereof, both (Omagine) LLC and BNP agree that they maintains a good relationship with each other, but for BNP internal reasons, BNP will not be (Omagine) LLC’s Financial Adviser,” the majority shareholder said in its filing. Following the signing of the key Development Agreement with the Omani government on October 2, 2014, Omagine has undertaken a number of steps to speed up implementation of the project. (OEPPA Business Development Dept)

Source: http://omanobserver.om/financial-adviser-for-2-5-billion-omagine-project-by-q1-2015/

$2.3b ‘Omagine’ project to create 1,000 jobs for Omanis

Posted by AGORACOM-JC at 12:00 PM on Monday, December 22nd, 2014

Omagine to develop $2.5 billion tourism, real estate project in Oman

Muscat: The master plan process for the $2.3 billion ‘Omagine’ project will begin in January, 2015.

“First we will go through a “design thinking” process for a few weeks and then we will start the master plan process,” said Frank Drohan, Managing Director of Omagine LLC. The project is expected to create more than 1,000 jobs for nationals when completed in five years’ time, according to Drohan.

Located in Al Hail and close to Muscat International Airport, Omagine (the name combines the words: “Imagine Oman”) will feature seven pearl-shaped buildings(the Pearls), each with a theme centred on the great cultural, historical and scientific ideas of the world, including Oman’s varied history and culture.

“There will be two (possibly three) hotels as well as serviced apartments and chalets, a boutique mall, an open air amphitheatre, exhibition venues, a harbour and marina area, offices and more than 2,000 residences besides a large number of eateries and restaurants and coffee shops,” Frank Drohan told the Times of Oman in an exclusive interview.

Omagine LLC signed a long-awaited development agreement with the Oman government on October 2 and the project will be developed on 1m sqm of beach front land in Al Hail.

Omagine Project’s most unique aspect, expected to become Oman’s landmark, will be a high culture park venue consisting of seven Pearl shaped buildings, each with a different theme: Oman – Culture – Energy – Innovation – Earth – Sea – Sky.

The pearls will feature elegantly inspirational visitor entertainment experiences designed by world-class architects and entertainment content designers. Under the agreement, Omagine LLC will design, finance, build, market and operate the project.

The shareholders of Omagine LLC are Omagine, Inc., Consolidated Contractors Co (CCC), and Royal Court Affairs. The CCC will be the general contractor for the Omagine project.

“Omagine will entertain while subtly unveiling the true story of Oman and its heritage, world culture and modernity, innovation and imagination, energy, sea earth and sky. We are honoured that the RCA is an Omagine LLC shareholder,” said Drohan.

“We feel a special duty and obligation towards the RCA to deliver a high degree of excellence of design – and we will do so,” added Drohan.

He also said that based on the initial concept designs, the pearl-shaped building has been conceived in a stunning fashion.

“They will be set at vantage points across a boardwalk shaped in a way that gives the project its distinctive design ethos in the form of the ‘Fibonacci Spiral’.

Apart from mathematics, Fibonacci also has roots in Islamic planning processes,” he added.

The most preferred landscape of Oman will be built in six to seven phases.

“The final phasing plan is now being developed, but it envisions a hotel and Pearls coming up early, followed by residential units,” he said.

Drohan believes that falling oil prices will not have any significant impact on the project.

“There will be no delay in this project as it is all privately financed and does not rely on government funding,” he said.

Regarding potential residents at Omagine, he mentioned that a large number of Omani and GCC nationals have already started expressing interest. “Besides that, we will target the expat community in Muscat areas,” he said.

He also said that they had already spoken to two five star hoteliers who have shown a huge interest in this property.

“They were ecstatic when we told them about this project as this will be an iconic landmark project not only for Oman – but in the GCC countries and beyond as well,” he said.

Regarding the CCC, a leading construction company in the Sultanate, which also holds a fifteen per cent stake in Omagine, he said: “The CCC Oman is experienced in all aspects of the construction business and regularly constructs large scale projects of the magnitude of the Omagine Project.”

The launch date for residential and commercial sales is 2016.

Reporter can be reached at [email protected]

Source: http://www.timesofoman.com/News/44557/Article-$2%203b-%E2%80%98Omagine%E2%80%99-project-to-create-1-000-jobs-for-Omanis

 

Oman Sets Sail With Mega Waterfront Project

Posted by AGORACOM-JC at 9:38 AM on Wednesday, December 3rd, 2014

With a design theme anchored in Omani heritage, Omagine will be developed over a five year plus time frame

  • By Manoj Nair, Associate Editor
  • Published: 14:08 December 3, 2014
Image Credit: Atiq ur Rehman/Gulf News Sam Hamdan, President of Omagine, Inc and Frank J. Drohan, Chairman of Omagine Inc during the interview with Gulf News at Ritz Carlton DIFC.

 

Dubai: The design elements for Oman’s new waterfront development — and in scale its most ambitious to date — are starting to take shape. Located in the Al Seeb locality and close to the international airport, the $2.3 billion “Omagine” master-development will feature seven pearl-shaped buildings, each of which will have a theme centred on Oman’s varied history and culture.

There will be three signature hotels and 2,164 residences in what will be a low-density build-up. But there is land aplenty — 1 million square metres — for the developer to come up with a creation that will “certainly not be just another waterfront project”, according to a senior official.

The stakes are high — the operating company Omagine llc has Oman’s Royal Court Affairs — representing the personal interests of His Majesty the Sultan of Oman — holding 25 per cent, New York headquartered Omagine, Inc. holding 60 per cent and Oman’s $5 billion Consolidated Contractors International Co. with 15 per cent.

“The concept master plan was finalised on October 2, and which allows for an 18-22 month time frame in which the entire set of details related to the final master plan, the architecture, engineering and project financing requirements will have to be done,” said Sam Hamdan, President of Omagine, Inc. “The project’s overall time frame will be five to six years.

“For sure, the project will be a low-density one given Oman’s strict requirements of a 1:1 split between hotel units (which also includes serviced apartments and chalets) and the residences.”

According to Frank J. Drohan, Chairman of Omagine, Inc., “Talks have been initiated with Gulf based entities who wish to come on board as full-fledged investors in this prestige development, and there is also a parallel track with the banks on the financing requirements.”

Based on the initial concept designs, how the pearl-shaped building have been conceived are stunning. They will be set at vantage points across the shoreline, itself is shaped in a way that gives the project its distinctive design ethos in the form of the ‘Fibonacci Spiral’. “Apart from mathematics, Fibonacci also has roots in Islamic planning processes,” Hamdan added.

In effect, the overall development’s build-up will be split into two “zones”, with the first comprising the “pearls”, the hotels and the entertainment component.

But the developer made a point of stating that the project will not end up creating a marina for “hundreds of boats to moor”. “What we are planning is an intensely creative and elegant construction, and that’s to be maintained right through,” Hamdan said.

Source: http://gulfnews.com/business/property/uae/oman-sets-sail-with-mega-waterfront-project-1.1421565

Mega projects to catapult Oman’s tourism industry

Posted by AGORACOM-JC at 12:41 PM on Tuesday, November 18th, 2014
November 17, 2014
Muscat – Oman is pushing to boost the tourism sector in the country like never before with a host of measures. This is accompanied by a strong will to develop the necessary infrastructure.

Key policy changes include developing a 30-year tourism strategy that will align the sector’s role with plans for the national economy. The strategy focuses on short-, medium- and long-term strategies and is based on four major pillars, including tourism competitiveness, marketing and product development, governance, education and socio-economic development.

Work on the Oman National Tourism Strategy has already started with the Ministry of Tourism (MoT) awarding a contract earlier this year to a Spanish firm, THR Innovative Tourism Advisors, which is currently conducting a series of workshops all over the sultanate.

Another focus area has been the huge potential of transit passengers.

The national carrier, Oman Air, expects incoming passenger numbers to reach 4.8mn this year. Of these, only 800,000 will be flying to and from Oman, and the airline is looking to attract the remaining 4mn transit passengers for a stopover.

For this, ROP has agreed to issue 72-hour, on-arrival visas to transit passengers from all countries except Bangladesh and Afghanistan. An electronic visa disbursal system will also be introduced in a couple of months that will ease procedural delays.

Tourism in the country has been on a consistent growth path and is poised to witness spectacular development in the coming years to be one of the largest contributors to the economy.

According to the World Travel and Tourism Council (WTTC), the travel and tourism industry in Oman supported 37,000 jobs directly in 2013 and this is forecast to grow by 11.4 per cent in 2014 to 41,000. This is the fastest growth in the Middle East region and among the strongest worldwide.

By 2024, travel and tourism will account for 60,000 direct jobs, an increase of 3.9 per cent per annum over the next ten years.

In line with the nation’s objective to diversify its economy, the Ministry of Tourism actively promotes Oman across the globe boosting the nation’s tourism revenues and targeting the sector’s ten per cent contribution to national gross domestic product (GDP) by 2020.

According to WTTC, total contribution of travel and tourism to Oman’s GDP was RO2.08bn, or 6.4 per cent, in 2013 and is expected to lead the Middle East in terms of growth, rising by 9.4 per cent to RO2.27bn in 2014. The total contribution to GDP is forecast to rise by 5.5 per cent per annum to RO3.88bn (8.2 per cent of GDP) by 2024.

Key indicators such as hospitality and air-traffic data also point towards significant growth achieved this year.

In the first half of 2014, the total number of guests staying at four- and five- star hotels in the sultanate witnessed an increase of 20.7 per cent reaching 368,764. And occupancy rates rose to 64.6 per cent as of the end of June 2014 from 61.3 per cent recorded during the same period in 2013. Total revenues of four- and five- star hotels grew by 8.7 per cent during the same period rising to RO86.3mn. Hotel room capacity is forecast to expand at an annual rate of 5.3 per cent in the next three to four years.

Meanwhile, international passenger arrivals at the Muscat International Airport were up by 6.7 per cent to 2mn passengers in the first six months of the year, compared with the same period last year. Salalah too witnessed a surge of around 75 per cent to cross 50,000 international passenger arrivals during the six months compared to the same period last year.

The government’s increasing thrust on tourism continues as it is takes various steps to further develop the sector.

Omran, the ministry’s investment arm, issued tenders worth RO78mn last year towards the Oman Convention and Exhibition Centre, energy centre, and a parking area in addition to the Traveller’s Oasis project in Salalah worth RO1mn.

Omran is also planning 12 new projects which are under study, including water parks, developing Omani castles and forts and eco-tourism resorts in order to attract and accommodate the rising tourist numbers.

The ministry, along with Omran, is working with Paradores Consultancy, an arm of Spain’s prominent luxury hotel chain Paradores de Turismo de España – which runs 94 hotels set in palaces, fortresses and historical buildings – to transform some of the select group of forts and castles dotting Oman’s landscape into luxury heritage hotel properties.

In addition, Omran earlier this month signed a pact to develop 1.85mn sq m for the eco-themed Ras al Hadd tourism project in South Sharqiyah at a cost of RO250mn. The three-phase project will see construction of an eco-themed resort, hotel and residential villas, a souq, a dedicated centre for wildlife preservation, observation park and a new market area.

Omran and its joint venture partner Muriya are developing at least 18 hotels, which will add over 4,200 rooms in the next four years across the country.

Another mega project, which has been in the works for long, was kick-started in October with a development agreement contract signed between US-based Omagine Inc and the Oman government.

The much-awaited US$2.5bn mixed-use tourism and real-estate project known as the ‘Omagine Project’ will be 60 per cent owned by Omagine Inc’s subsidiary Omagine LLC, and the rest by the office of Royal Court Affairs (RCA) of the sultanate, which will own 25 per cent, and two subsidiaries of Consolidated Contractors International Co (CCIC), which collectively own 15 per cent.

The ‘Omagine Project’ is planned to integrate cultural, entertainment and residential components, including hotels, commercial buildings, retail establishments and more than 2,000 residences to be developed for sale. The project will be developed on 1mn sq m of beachfront land in Seeb.

Read more: http://www.muscatdaily.com/Archive/Oman/Mega-projects-to-catapult-Oman-s-tourism-industry-3loj#ixzz3JQttH2D4

Omagine Retains BUYINS.NET to Surveil Short Sellers and Market Makers

Posted by AGORACOM-JC at 5:11 PM on Tuesday, October 7th, 2014

  • Approximately 4.76 Million Shares Shorted Since August 2009
  • Short Squeeze Has Begun As Stock Is Above $1.54 SqueezeTrigger Price

NEW YORK, Oct. 7, 2014 — Omagine, Inc. (OTCQB:OMAG) announced today that BUYINS.NET, http://www.buyins.net, a leading provider of Regulation SHO compliance monitoring, short sale trading statistics and market integrity surveillance, has initiated coverage on Omagine, Inc. (OTCQB:OMAG) after releasing the latest short sale data through October 6, 2014. The total aggregate number of shares shorted since August 2009 is approximately 4.76 million shares (adjusted for a net 5 for 1 reverse split in 2009). Approximately 24.32% of daily trading volume is short selling. The SqueezeTrigger price for all OMAG shares shorted is $1.54. A short squeeze has begun as the price of OMAG is above the $1.54 SqueezeTrigger price.

Click here to view Report: http://www.buyins.com/reports/omag10-7-14.pdf

Click here for SqueezeTrigger: http://www.buyins.com/images2/omagstr10-7-14.jpg

Click here for Friction Factor: http://www.buyins.com/images2/omagff10-7-14.jpg

Click here for detailed explanation: http://www.buyins.com/brochure.pdf

Friction Factor calculates if a fair market is being made in the shares of OMAG. 45% of the previous 38 trading days have been positive or bullish-biased and 55% have been negative or bearish-biased.

Regulation SHO requires bona-fide market-making activities to include making purchases and sales in roughly comparable amounts. The Commission has stated that bona-fide market-making DOES NOT include activity that is related to speculative selling strategies for investment purposes of the broker-dealer and is disproportionate to the usual market making patterns or practices of the broker-dealer in that security. Likewise, where a market-maker posts continually at or near the best offer, but does not also post at or near the best bid, the market-maker’s activities would not generally qualify as bona-fide market-making. Moreover, a market-maker that continually executes short sales away from its posted quotes would generally not be considered to be engaging in bona-fide market-making.

BUYINS.NET monitors OMAG market-makers daily for compliance with Fair Market-Making Requirements.

About Omagine, Inc.

Omagine, Inc. is a publicly traded company (OTCQB:OMAG). The Company conducts all of its real-estate development, tourism and entertainment business activities through either its 60% owned subsidiary Omagine LLC or its 100% owned subsidiary Journey of Light, Inc. The Company is focused on real-estate, entertainment and hospitality opportunities in the Middle East and North Africa (the “MENA Region”) which is one of the fastest growing tourist destinations in the world.

Governments in the MENA Region are seeking to diversify their economies and create employment for their citizens via the development of tourism destination projects. It is the Company’s opinion that this governmental strategic vision combined with the enormous financial resources in the MENA Region will continue to present superb development opportunities. The Company presently focuses the majority of its efforts on the business of Omagine LLC and specifically on the Omagine Project.

Investors or interested parties may visit Omagine’s website at www.omagine.com for more information about the Company or http://agoracom.com/ir/omagine which is the Company’s investor relations website.

About BUYINS.NET

BUYINS.NET, http://www.buyins.net, monitors trading in all US stocks in real time and maintains massive databases of short sale and naked short sale time and sales data, short squeeze SqueezeTrigger prices, market-maker price movements, shareholder data, statistical data on earnings, sector correlation, seasonality, hedge fund trading strategies and comparable valuations. Reports include:

REGULATORY & COMPLIANCE NEWS

Friction Factor – market-maker surveillance system tracking market-makers to determine Price Friction and compliance with new “Fair Market-Making Requirements”.

RegSHO Naked Shorts – tracks EVERY failure to deliver in all US stocks and all Threshold Security Lists daily for which stocks have naked short positions.

INVESTMENTS & TRADING

SqueezeTrigger – 40 billion cell database tracks EVERY short sale (not just total short interest) in all US stocks and calculates volume weighted price that a short squeeze will begin in each stock.

Earnings Edge – predicts probability, price move and length of move before and after all US stock earnings reports.

Seasonality – predicts probability, price move and length of move based on exact time of year for all US stocks.

Group Trader – tracks sector rotation and stock correlation to its sector and predicts future moves in ALL sectors and industry groups.

Pattern Scanner – automates tracking of technical patterns and predicts next move in stocks.

GATS – tracks all strategies

DISCLAIMER:

BUYINS.NET is not a registered investment adviser and nothing contained in any materials should be construed as a recommendation to buy or sell any securities. OMAG has paid a non-affiliate $1,117 per month for six months of data provided in this report. OMAG has not approved the statements made in this release. Please read our report and visit our website, http://www.buyins.net, for complete risks and disclosures.

Omagine, Inc.
Corporate Inquiries
Charles P. Kuczynski, Vice-President
(212) 563-4141

BUYINS.NET
Thomas Ronk
800-715-9999

http://www.buyins.net

INTERVIEW: OMAGINE Addresses $2.5B Agreement With Omani Government

Posted by AGORACOM-JC at 6:07 PM on Monday, October 6th, 2014

OMAG: OTCQB

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.

Development Agreement

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:

i. the office of Royal Court Affairs (“RCA”), which owns 25%, and
ii. 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.

Â