Omagine to start building USD2.5b lavish project

29 Nov 2015

(MENAFN) Omagine LLC, the Omani firm which develops tourism and residential real-estate projects, closed an agreement with the government to develop a mixed use tourism and real estate project in Muscat Governorate.

Accordingly, top company is currently in discussion with a Qatari bank for financing the first phase activities of this high-scale venture, which will lead to a USD25 million initial loan of the USD2.5 billion mega scheme.

In more detail, the 1st phase consists of the master planning, engineering and construction work necessary for vertical construction to begin plus the administrative and financial activities necessary for the business plan.

Furthermore, the extravagant development is set to feature a mix of hotels, retail shops, restaurants, office space, open air amphitheater and stage, exhibition venues, harbor and marina, and more than 2,000 residential units.

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