Regional News

An artist’s impression of the Omagine project.

An artist’s impression of the Omagine project.

Omagine signs deal to develop $2.5bn hub

November 2014

Omagine’s Omani subsidiary has signed an agreement with the government of Oman to develop its $2.5-billion waterfront tourism and leisure hub.

Under the agreement, Omagine LLC will design, construct, own and operate the project, which will be developed over one million sq m of beachfront land facing the Gulf of Oman just west of the capital Muscat and approximately six miles from Muscat International Airport.

Omagine LLC is 60 per cent owned by the US-based Omagine with Royal Court Affairs holding 25 per cent, and the remaining 15 per cent owned by two subsidiaries of Consolidated Contractors International Company.

The project will 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 ft in diameter, associated exhibition buildings, a boardwalk, an open-air amphitheatre and stage; open space green areas; a canal and an enclosed harbour and marina area; associated retail shops and restaurants.

It will also feature 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 2,000 residences to be developed for sale.

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