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$2.5 billion Omagine pearl project set for 2017 in Oman $OMAG.us

Posted by AGORACOM-JC at 8:16 AM on Wednesday, July 13th, 2016
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  • Construction work on the multi-billion dollar Omagine Project is scheduled to begin in 2017 and should be complete by 2024, according to the Ministry of Tourism (MoT)
  • Multi-Billion Dollar Development Agreement with the Government of the Sultanate of Oman
  • Omagine Owns 60%; Royal Court Affairs 25%; Consolidated Contractors Owns 15%
  • Developed on 245 acres of beachfront land on Gulf of Oman
  • Estimated cost approximately $2.5 Billion

July 12, 2016 | 10:01 PM

by Rahul Das/[email protected]

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$2.5 billion Omagine project set for 2017

Omagine Project to create more than 1,000 jobs for #Omanis

The Omagine Project will have three hotels, a boutique mall, an open air amphitheatre, exhibition venues, a harbour and marina area, offices and more than 2,000 residences.

Muscat: Construction work on the multi-billion dollar Omagine Project is scheduled to begin in 2017 and should be complete by 2024, according to the Ministry of Tourism (MoT).

Located in Seeb, the project features seven pearl-shaped buildings which will host hotels, offices, residences and entertainment venues on one million square metres of land, the MoT said.

The project is expected to create more than 1,000 jobs for nationals when it is completed in seven year’s time. The slump in global oil prices has meant project managers have been seeking further funding globally, according to Omagine chairman Frank J. Drohan.

Speaking to Times of Oman, Drohan said that they are in advanced discussions with several institutional and private entities in the United States, Europe and China to finance the project as a quite rational response to the present regional banking environment. “Other companies and governments regionally are quite rationally also reaching out to the international financial markets,” he said.

In a quarterly report submitted to the US Securities and Exchange Commission (SEC) in March 2016, Omagine LLC, reported that “with the sudden fall in deposits from oil sales, bank liquidity at local banking institutions in the GCC came under immense pressure as deposits fell dramatically while simultaneously governments became large borrowers (where they were not before).

“Such sudden and large government borrowings from commercial banking institutions began to crowd out commercial borrowing capacity of private companies. The largest banks of course weathered this storm more handily than the mid-size or smaller banks,” the statement said.

Drohan said that the longer term project finance is needed only after the detailed master planning and architectural design is completed. “And that is the reason we are working hard on many fronts with Consolidated Contractors Co (CCC) and other investors in Oman and the GCC, Europe, the US and China to make that happen,” he said.

Drohan also said CCC may still be the general contractor for the Omagine Project with a United States, European or China based contractor working as a substantial sub-contractor under CCC Oman.

It was in October 2014, Omagine LLC, signed a development agreement with the Government of Oman for the development of a $2.5 billion real-estate and tourism project known as the Omagine Project.

In March 2015 the Ministry of Finance in Oman ratified the development agreement.

In July 2015 the development rights to the 245 acres of beachfront land were registered with the government of Oman.

The actual contract agreement is now fully drafted and is ready to be signed. “During the past month, I and our staff have been in Washington, Europe and Beijing with investors and to negotiate the terms of a construction sub-contract to CCC,” he told Times of Oman.

In May, Omagine Inc. also sponsored The World Summit on Innovation & Entrepreneurship (WSIE) at the United Nations Headquarters in New York City.

The Omagine Project will have three hotels (which will include serviced apartments and chalets), a boutique mall, an open air amphitheatre, exhibition venues, a harbour and marina area, offices, more than 2,000 residences and a large number of cafes, restaurants and entertainment venues. The Omagine Project will have seven pearl shaped buildings, each with a different theme, such as the Oman Pearl, Innovation Pearl, Energy Pearl, Culture Pearl and Earth, Sea and Sky Pearls.

The Pearls will feature a wide range of tourism experiences, simulations, games, interactive demonstrations, multi-media presentations and a planetarium and a multiplex.

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Property Transactions in Jan-Aug Period Surge on Rising Ownership, Easy Mortgage

Posted by AGORACOM-JC at 3:56 PM on Friday, October 2nd, 2015

PROPERTY TRANSACTIONS IN JAN-AUG PERIOD SURGE ON RISING OWNERSHIP, EASY MORTGAGE

  • Rising trend of property ownership and easy access to mortgage, the sultanate’s real-estate market is witnessing a robust growth this year despite persistent lower oil prices.
  • Total value of property transactions surged 53.2 per cent to RO2.94bn during the period from January–August this year from RO1.91bn in the corresponding period of 2014

By Gulam Ali Khan

September 30, 2015

MUSCAT –

With the rising trend of property ownership and easy access to mortgage, the sultanate’s real-estate market is witnessing a robust growth this year despite persistent lower oil prices.

The total value of property transactions surged 53.2 per cent to RO2.94bn during the period from January–August this year from RO1.91bn in the corresponding period of 2014.

The sharp rise in transactions comes on the back of robust growth in mortgage contracts. Traded value of mortgage contracts jumped 79.6 per cent to RO2.05bn from RO1.14bn a year ago, statistics released by National Centre for Statistics and Information (NCSI) showed.

“The growth is more due to a combination of factors including population growth leading to demand-based activity, desire of property ownership in more uncertain economic times and better availability and competitively priced mortgage options,” said Christopher Steel, managing partner at Savills Oman.

“We believe that property ownership is increasing in appeal as there have been a lack of other real investment opportunities for the Oman population at large. There have been no significant rights issues over the period and the stock market is showing signs of sensitivity, therefore property becomes a viable route for investment,” he said.

The number of mortgage contracts rose by 13.2 per cent to 15,001 in the first eight months this year from 13,249 a year earlier.
Steel said mortgages are now more accessible for the population at large with banks and finance houses having tailored their products to meet the requirements of end-borrowers.

“Islamic financing options have certainly appealed to a large segment of the market that previously was not comfortable with traditional mortgage solutions. Also, the financial logic of mortgaging property is now better understood by certain classes of investors.

With most mortgages costing below five per cent per annum and rental returns from most property higher than this, property become basically self financing when geared at circa 70-80 per cent.”

In addition to mortgage transactions, NCSI statistics shows that the traded value of property in sales contracts rose 13.3 per cent to RO867mn from 765mn. The number of sales contracts decreased by 2.3 per cent to 54,220 in first eight months of 2015 compared to 55,521 last year.

Unlike the UAE – where property transaction levels have been falling across Abu Dhabi, Dubai and Sharjah – lower oil prices have not been negatively impacting Oman’s property market.

“There has been no discernable negative affect on the property market as a result of lower oil prices. Certainly, a slowdown in some larger infrastructure projects as a result of reduced government expenditure could negatively impact on some areas of secondary real estate but we believe this will be balanced by the push for diversification into other areas of the economy,” Steel said.

The number of properties issued for GCC states citizens dropped by 25 per cent to 1,670 from 2,233 in first eight months of 2014.

Read more:http://www.muscatdaily.com/Archive/Business/Property-transactions-in-Jan-Aug-period-surge-on-rising-ownership-easy-mortgage-4bye#ixzz3nLZniGS8
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$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

 

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AGORACOM Small Cap TV “Best Of The Best” Stock Picks Of The Week Ended – October 10, 2014

Posted by AGORACOM-JC at 4:35 PM on Friday, October 10th, 2014

AGORACOM Founder, George Tsiolis and Chief Market Commentator, Allan Barry Go Via Satellite to discuss and debate Allan’s Best picks this week. Companies Included on this week’s show are:

WHY IS JULY 11, 2013 SO IMPORTANT?

Allan and George have already put their viewers well ahead of the game by starting their weekly broadcasts on July 11, 2013 on the thesis that great small-cap companies were so oversold they could not be ignored. One look at the TSX Venture Index proves they hit the nail on the head … but that doesn’t come close to telling the whole story with most of their picks far outperforming an index bloated with zombie companies.

Find out which companies Allan and George like this week by watching the video below!

Want to catch up on previous shows?

Weekly “Best Of The Best” Summarizing The Best Picks From Our Daily Shows. Posted Every Friday Afternoon Watch Here

THIS WEEK’S SHOW SPONSORED BY THE FOLLOWING GREAT SMALL CAP COMPANY:


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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.

 

 

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CLIENT FEATURE: OMAGINE (OMAG: OTCQB) Inks $2.5B Agreement with Oman

Posted by AGORACOM-JC at 1:04 PM on Friday, October 3rd, 2014

 

OMAG: OTCQB

$2.5 BILLION DEAL FINALIZED WITH OMAN GOVERNMENT

  • 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
  • Market Cap ~ $50 Million

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.

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