The shareholders of Omagine LLC, which is developing a mixed-use tourism and residential real estate scheme just off Muscat International Airport on the coast, have agreed to move ahead with Phase 1 of the eagerly anticipated development with an investment of around USD220mn. The developer’s US-based holding company, Omagine Inc, said in a quarterly filing to the Securities and Exchange Commission (SEC) that the Phase 1 strategy was firmed up during a series of shareholder meetings held over the course of the past two months. Phase 1 envisages the construction of one hotel, 250 residences and the first of seven so-called ‘Pearl’ structures. (Oman observer)
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