Leading Omani developer Omagine is in discussions with two Chinese contractors for the construction of its $2.5-billion beachfront real estate and tourism project in the sultanate, said a report.

The Omagine Project is being developed by Omagine, a subsidiary of the US-based Omagine Inc, with  Consolidated Contractors International Company (CCIC), CCC-Oman and Royal Court Affairs (RCA) as shareholders, reported the Muscat Daily.

The big tourism project is planned to be an integration of cultural, heritage, entertainment and residential components including a high-culture theme park containing seven pearl-shaped buildings, each 60 ft in diameter.

It will also include associated exhibition buildings, a boardwalk, an open-air amphitheatre and stage; open space green areas; a canal and an enclosed harbour and marina area; associated retail shops and restaurants, said the report.

The development will also feature entertainment venues, boat slips, and docking facilities; a five-star resort hotel, a four-star resort hotel and possibly a three- or four-star hotel; commercial office buildings; shopping and retail establishments, and approximately 2,100 residences.

Omagine said an agreement has been reached with CCIC regarding a new structure of the CCC contract whereby CCC-Oman would be the general contractor and managing contractor (but not necessarily the actual builder) and would oversee and manage the Chinese subcontractors and CCIC would be paid a fixed fee for this, stated the report.

It said that the proposal being discussed with each of such Chinese contractors is identical and includes a requirement for the award of the Omagine Project construction contract to the Chinese contractor (as a subcontractor to CCC-Oman) if, and only if, both of the following conditions are fulfilled: (i) an investment into Omagine by the contractor (or its parent company), and (ii) the Chinese contractor (or its parent company) must arrange for the project finance for Omagine Project.