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Mega-sized Omagine Project expected in Oman soon

Mega-sized Omagine Project expected in Oman soon
Oman’s long-awaited agreement for development of $2.5-billion mixed-use tourism and real-estate project known as 'Omagine Project' is expected to be signed soon, Muscat Daily reported, adding that the mega-sized project will be developed on one million sq. m. of beachfront land in Seeb.

In a recent filing to the US Securities and Exchange Commission, Omagine Inc said that the staff of Oman’s Ministry of Tourism (MoT) has agreed to the suggestion made by the firm’s President Frank Drohan that Omagine LLC print and bind the signing copies of the development agreement (DA) and usufruct agreement (UA).

“As of the date hereof the DA and UA have been professionally printed. We bound one sample copy for pre-approval (of the aesthetics only) by the Minister of Tourism and delivered that sample copy to MoT,” the Company added.

Noteworthy, Omagine LLC, of which US-based Omagine Inc owns 60%, was formed in Oman in 2009 to design, develop and operate the entire Omagine Project. Added to Omagine Inc, the office of Royal Court Affairs owns 25% of Omagine LLC. Other shareholders are Consolidated Contracting Co (CCC-Panama) and Consolidated Contracting Co Oman LLC, which own 10% and 5%, respectively.