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Birthday : 06/13/1928
Place of birth : Guangdong - China
Biography : Richest man in Asia and eleventh global fortune according to Forbes in 2011, Li Ka-shing is the...
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Oman: Omagine Project phase 1 to kick-start soon

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08/31/2016 | 11:41pm CEST

The shareholders of Omagine LLC, who are developing a mixed-use tourism and residential real estate scheme in Oman, are set to move ahead with Phase 1 of the Omagine Project with an investment of around $220m.

New York-headquartered Omagine Inc has a 60% shareholding in Omagine LLC.

Omagine Inc said that the phase 1 strategy was firmed up during a series of shareholder meetings held over the past two months.

Phase 1 will see the construction of a hotel, 250 housing units and buildings, located along an open boardwalk, just off the Muscat International Airport on the Sea of Oman coast, Oman Daily Observer reported.

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The shareholders also agreed to appoint a local Omani bank as the company's financial adviser and lender, which has not been identified.

The bank will be the developer's financial adviser and provide the debt financing required for Omagine to build the first phase of the development, which is valued at close to $220m.

Omagine will begin setting up the agreement with Lebanon-based construction firm, Consolidated Contractors Company (CCC), as the general contractor for the Omagine project.

Initial phases of the Omagine project are planned to be completed by late 2021, according to the filing.

(c) 2016 ITP Business Publishing Ltd. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Latest news about Li Ka-shing 
07/07 LI KA-SHING : sources
06/21 LI KA-SHING : Tycoon Li Ka-shing urges Britons to vote against Brexit - Bloomberg
04/26DJLI KA-SHING : Canada's Husky Energy Posts Another Quarterly Loss -- Update
04/11 LI KA-SHING : CMA voices serious concerns over Hutchison-Telefonica deal
03/17DJLI KA-SHING : Li Ka-shing's Hutchison May Sell Stake in U.K. Phone Carrier
02/04DJLI KA-SHING : Li Ka-shing Flagship CK Hutchison Defends O2 Deal
2015 LI KA-SHING : Li Ka-Shing's CKI in the running in $3 billion London City Airport sale - sources
2015DJLI KA-SHING : Hong Kong Tycoon Li Ka-Shing To Face Challenge Over Merger
2015DJLI KA-SHING : Li Ka-shing Faces Challenge With CKI-Power Assets Merger
2015DJLI KA-SHING : Li Ka-shing Defends His Business Strategy
2015DJLI KA-SHING : Li Ka-shing's Urge to Merge Continues With Power Assets Plan
2015DJLI KA-SHING : FDG Electric Vehicles Deputy Chairman Sells Minority Stake to Li Ka-shing
2015DJLI KA-SHING : Li Ka-shing's Cheung Kong Property Plans to Sell Shanghai Project for $2.6 Billion
2015DJLI KA-SHING : Li Ka-shing's Cheung Kong Property Plans To Sell Shanghai Project
2015DJLI KA-SHING : Li Ka-shing Firms Sell Stake in Power Utility to Qatar for $1.2 Billion - Update
1  2  3  4  5  6  7  8  9  10Next

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