Regional News

CCC likely to win Omagine contract

January 2015

CONSOLIDATED Contractors Company (CCC) Oman is likely to win a general contract for Omagine, a $2.5-billion mixed-use tourism and real-estate project to be developed over 1 million sq m of beachfront in Seeb, Oman.

The Oman-based subsidiary of US-based Omagine was expected to finalise an agreement in this regard by the end of last month.

“Subject to the approval of shareholders and negotiating and agreeing to the CCC Oman contract, Omagine presently intends to hire CCC Oman as the general contractor for the construction of Omagine project,” said Omagine in its quarterly report submitted to the US Securities and Exchange Commission (SEC).

The CCC Oman contract was expected to be finalised and approved by Omagine shareholders before December 31, 2014, the company indicated.

It added that Phase One of the project development is expected to primarily constitute initial design work and its scope and budgeted cost will be decided upon by Omagine shortly.

CCC Oman, a leading construction company in the sultanate, also holds a five per cent stake in Omagine.

More Stories