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.
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.
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