$2.5 Billion Omagine Project set to Drive Oman’s Tourism and Real Estate Future
Omagine LLC will design, develop, own and operate a $2.5 billion tourism and real estate project in agreement with the Government of Oman in what is likely to become a flagship development for the country.
The Omagine Project will house residential and entertainment facilities including hotels, residencies and retail outlets alongside commercial buildings. More than 2,000 residences will be developed with a view to selling to the public and corporates.
The site is near the capital, Muscat, and comprises a one million square metre beachfront section of land facing the Gulf of Oman that is just 9.5 kilometres from the nearby international airport.
It is expected to deliver substantial returns to Omagine LLC and its shareholders which include the office of Royal Court Affairs (RCA), a 25 percent stakeholder, and two subsidiaries of Consolidated Contractors International Company (CCIC), which between them own 15 percent.
The land alone is thought to be worth around $700 million according to conservative estaimates by local estate agents.
Omagine LLC President Frank Drohan said: “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.”