$2.5 Billion Omagine Project set to Drive Oman’s Tourism and Real Estate Future

By Bizclik Editor

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.”

Share

Featured Articles

How SAP is facilitating continuous business transformation

Technology giant SAP has expanded its portfolio with the acquisition of LeanIX, a leader in enterprise architecture management (EAM) software

Siemens and Microsoft: Driving cross-industry AI adoption

To help businesses achieve increased productivity, Siemens and Microsoft are deepening their partnership by showcasing the benefits of generative AI

Sustainability must become central to corporate strategy

Sustainability must no longer be an after-thought, but a central component of corporate strategy and the decision-making process at boardroom level

The endless benefits of putting your people first

Leadership & Strategy

Working from anywhere: SAP uncovers secret life of employees

Human Capital

DHL, AbbVie and Hilton among best places to work in Europe

Human Capital