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CCC in pole position for $2.5bn Oman project

Contractor expected to be appointed to build Omagine real estate and tourism development

The Omagine Project will be a mixed-use tourism and real estate development.
The Omagine Project will be a mixed-use tourism and real estate development.

An agreement between project developer Omagine LLC, a subsidiary of US-based Omagine Inc, and the general contractor could be finalised by the end of this month, according to a quarterly report submitted to the US Securities and Exchange Commission (SEC) by the American parent company.

“Subject to the approval of its shareholders and negotiating and agreeing to the CCC Oman contract, Omagine LLC presently intends to hire CCC Oman as the general contractor for the construction of Omagine project. The company presently expects that the CCC Oman contract will be finalised and approved by Omagine LLC shareholders before December 31, 2014,” said the report.

Omagine LLC signed a development agreement with the Oman government on 2 October, which gave the go-ahead for the one million m² beachfront development. CCC Oman, a leading construction company in the sultanate, also holds a five per cent stake in Omagine.

“CCC Oman is experienced in all aspects of the construction business and regularly constructs large scale projects of the magnitude of the Omagine Project,” the report said.

It added that phase one of the project development should involve initial design work and its scope and budgeted cost will be decided upon by Omagine LLC shortly.

Omagine Inc also stated that subject to the approval of shareholders and to negotiating and agreeing to a contract, Omagine LLC presently intends to hire US-based Michael Baker Corporation as its programme manager and project manager.

The Omagine Project is expected to take more than five years to complete.

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Feb 08, 2020