Omani developer seeks $2.5bn funding from Qatar
An Omani developer is looking to Qatar to secure funding for an ambitious mixed-use tourism and real estate project in Muscat, estimated to cost $2.5bn.
Omagine is looking to secure Qatari funding for an ambitious mixed-use tourism and real estate project in Muscat
The company’s US-based majority shareholder, Omagine Inc, stated in a filing to the US Securities and Exchange Commission (SEC) that it has received a term sheet from the unnamed Qatari lender setting out the terms covering the provision of $25m loan to finance the first phase of the project, business portal Trade Arabia reported.
According to the report, Omagine is endeavouring to secure the Qatari bank loan to finance the first phase, which is likely to start over the next 10 to 12 months.
The first phase scope of work includes the master-planning, design, engineering and construction work essential to vertical construction, as well as the administrative, financial and marketing strategy for the execution of Omagine’s business plan.
The development is planned to feature a mix of hotels, retail shops, restaurants, office space, open air amphitheatre and stage, exhibition venues, harbour and marina, and more than 2,000 residential units and will adorn the waterfront at Seeb.
A cultural theme park consisting of seven pearl-shaped buildings each with a different theme, will be the centrepiece.
The themes are envisaged to include: the Innovation Pearl, the Energy Pearl, and the Culture Pearl.
The pearls will feature motion ride experiences, simulations, games, interactive demonstrations, and possibly a planetarium and aquarium.
The New York-based Omagine Inc has a 60% shareholding in Omagine, which is also owned by Royal Court Affairs of Oman (25%), and two subsidiaries of Consolidated Contractors International Company SAL (15%).