Omagine LLC, a subsidiary of US-based Omagine, has signed an agreement with the Government of Oman to design, develop, own and operate a $2.5 billion tourism and real estate development project in the sultanate.

The Omagine project will be developed on a 1 million sq-m prime beachfront land facing the Gulf of Oman, just west of the capital city of Muscat.

The project will be an integration of cultural, heritage, educational, entertainment and residential components. It will feature hotels, commercial buildings, retail establishments and more than 2,000 residences to be developed for sale.

Omagine LLC is 60 per cent owned by Omagine Inc with Oman's Royal Court Affairs holding 25 per cent, and the remaining 15 per cent owned by two subsidiaries of Consolidated Contractors International Company. – TradeArabia News Service