Agoracom Blog

Omagine in talks for funding Phase 1 $2.5bn realty project

Posted by AGORACOM-JC at 1:11 PM on Wednesday, December 2nd, 2015

  • Received a term sheet from the unnamed Qatari lender setting out the terms covering the provision of $25 million loan to finance the first phase of the design and construction of the estimated $2.5 billion development
  • Phase 1, due for execution over the next 10-12 months, includes the master planning, design, engineering and construction work necessary for vertical construction to begin and the administrative, financial and marketing activities necessary for the implementation of Omagine LLC’s business plan, it noted

Conrad Prabhu

MUSCAT — Nov 28: Omagine LLC, which has signed a deal with the Omani government to develop a mixed use tourism and real estate project in Muscat Governorate, says it is currently in discussion with a Qatari bank for financing the first phase activities of this ambitious scheme.

The company’s US-based majority shareholder, Omagine Inc, stated in a filing to the US Securities and Exchange Commission (SEC) that it has received a term sheet from the unnamed Qatari lender setting out the terms covering the provision of $25 million loan to finance the first phase of the design and construction of the estimated $2.5 billion development.

Click here to read entire article.

Tags: , , , ,

Comments are closed.