$2.5bn tourism development to be built in Oman

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

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.