Oman: Omagine Project phase 1 to kick-start soon

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

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

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.

Most popular

Awards

CW Oman Awards 2020: Meet the winners
A round of the thirteen winning names at the Construction Week Oman Awards 2020 that

Conferences

Leaders UAE 2020: Building a sustainable, 'resilient' infra
AESG’s Phillipa Grant, Burohappold’s Farah Naz, and Samana's Imran Farooq on a sustainable built environment
CW In Focus | Inside the Leaders in KSA Awards 2019 in Riyadh
Meet the winners in all 10 categories and learn more about Vision 2030 in this

Latest Issue

Construction Week - Issue 767
Sep 01, 2020