(MENAFN) Omagine LLC, a subsidiary of the US-based Omagine Inc., has signed a Development Agreement (DA) with the Government of the Sultanate of Oman, Oman observer reported.
Omagine Inc organized Omagine LLC under the laws of Oman to design, develop, own and operate a tourism and real-estate development project in Oman named the Omagine Project.
The Omagine Project is estimated to cost approximately USD2.5 billion to design, develop and construct, which is planned to be an integration of cultural, entertainment and residential components.
"We are tremendously pleased with today's signing of the Development Agreement and are anxious to now begin the development of the Omagine Project," the Company's president said.
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