A US-listed developer says it has signed deal with the Government of the Sultanate of Oman to design, develop, own and operate a tourism and real-estate development project in Oman.
Omagine has confirmed that its 60% owned subsidiary, Omagine LLC, will design, develop and construct the Omagine Project, which will feature hotels, commercial buildings, retail establishments and more than two thousand residences.
It will be developed on one million square meters of beachfront land facing the Gulf of Oman, just west of the capital city of Muscat and approximately six miles from Muscat International Airport.
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"We are tremendously pleased with today's signing of the Development Agreement and are anxious to now begin the development of the Omagine Project," said the Omagine president Frank Drohan.
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"Our mission is to develop, own and operate innovative tourism projects with components that are thematically imbued with culturally aware, historically faithful, and scientifically accurate entertainment experiences. We design the tourism elements to provide modern, stylish and entertaining experiences while highlighting the world's great cultures, art, music, heritage, science and philosophy.
"We expect the Omagine Project to be the archetype for our future projects in the Middle East and North Africa."
The other Omagine LLC shareholders are the Royal Court Affairs (25%), which represents the interests of His Majesty, Sultan Qaboos bin Said, the ruler of Oman, and two subsidiaries of Consolidated Contractors International Company (15%).
Omagine conducts all of its real-estate development, tourism and entertainment business activities through either its 60%-owned subsidiary Omagine LLC or its 100%-owned subsidiary Journey of Light, Inc.
It focuses on real-estate, entertainment and hospitality opportunities in the Middle East and North Africa.
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