(MENAFN) A final agreement regarding the establishment of the Omagine real estate, tourism and entertainment project, which would cost USD2 billion and planned to be near Muscat International Airport, is near signing, Times of Oman reported
USA's Omagine LLC, a subsidiary of Omagine Inc, said that draft agreements had been finalized with Oman's Ministry of Tourism and that the documents are now ready for signature.
The ambitious development is proposed to be constructed on a 1 million sqare meter beachfront site overlooking the Sea of Oman and about 10 kilometers from Muscat International Airport.
The drawn up designs by Omagine envisions an extravagant construction which will integrates various cultural, heritage, educational, entertainment and residential components.
New York-based Omagine Inc will have a 60 per cent ownership stake in the project, while 25 per cent is held by Royal Court Affairs with the other stakes being divided on several other investors.