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Tue 7 Oct 2014 01:49 PM

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Deal signed for $2.5bn Oman tourism, real estate project

Omagine inks agreement with Oman gov't for project to be developed over one million sq m of beachfront land

Deal signed for $2.5bn Oman tourism, real estate project

Omagine has signed a development agreement with the Government of Oman to design, develop, own and operate a $2.5 billion tourism, real estate project in Oman.

The Omagine project is planned to be an integration of cultural, entertainment and residential components, including hotels, commercial buildings, retail establishments and more than two thousand residences to be developed for sale.

It will be developed on one million square metres of beachfront land facing the Gulf of Oman, just west of the capital city of Muscat.

Omagine LLC, which is a 60 percent owned subsidiary of US-based Omagine Inc, was formed in Oman in 2009 to design, develop and operate the entire Omagine Project.

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