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/
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