Developer seeking further global funding for $2.5bn mixed-use destination, which is expected to be completed in seven years – report
Work on the multi-billion dollar Omagine project in Oman’s Seeb region is scheduled to begin next year, with its completion slated for 2024, according to reports in the sultanate’s press.
Oman’s Ministry of Tourism (MoT) told the Times of Oman daily that the project features seven pearl-shaped buildings which will host hotels, offices, residences and entertainment venues on one million square metres of land. It is expected to create more than 1,000 jobs for Omani nationals when it is completed in seven years’ time.
The project’s main developer, Omagine LLC, signed the agreement with the Omani government to develop its eponymous $2.5 billion real-estate and tourism project in October 2014. The agreement was ratified by the sultanate’s Ministry of Finance in March last year while development rights to the 245-acre beachfront land were registered with the government in July 2015.
Quoting Omagine chairman Frank J. Drohan, the report added that managers of the project have been seeking further funding globally.