In October 2014 the company's 60% owned subsidiary, Omagine LLC, signed a Development Agreement with the Government of Oman for the development of a $2.5 Billion real-estate and tourism project known as the Omagine Project. In March 2015 the Ministry of Finance in Oman ratified the Development Agreement. In July 2015 the development rights to the 245 acres of beachfront land were registered with the Oman Government. The company anticipates executing the construction contract for the development of the Omagine Project and executing a $25 million loan for the first phase of the project development in January 2016.
Omagine LLC, which is a 60% owned subsidiary of the company, was formed in Oman as a limited liability company in 2009 for the purpose of designing, developing, owning and operating the entire Omagine Project. The Omagine Site on which the Omagine Project will be developed consists of approximately 245 acres (equal to one million square meters) of prime beachfront land facing the Gulf of Oman just west of the capital city of Muscat and six (6) miles from Muscat International Airport.
The Omagine Project will be an integration of cultural, heritage, educational, entertainment and residential components, including: a high culture theme park containing seven pearl shaped buildings, each approximately 60 feet in diameter, associated exhibition buildings, a boardwalk, an open air amphitheater and stage; open space green areas; a canal and an enclosed harbor and marina area; associated retail shops and restaurants, 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 integrated with the hotels, and approximately two thousand residences to be developed for sale.
The company's internal financial model presently forecasts net positive cash flows for Omagine LLC over the seven year period subsequent to the signing of the Development Agreement in excess of $1 billion and a significant net present value of the Omagine Project. The Company intends to continually update this model at regular intervals as new facts and information become available, as the development program and design process unfolds and as market conditions require.
This website contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The risks and uncertainties that may affect the operations, performance development and results of Omagine, Inc.'s business are detailed in the Company's reports filed with the U.S. Securities & Exchange Commission (the "SEC Reports"). The Company urges investors to read the SEC Reports and cautions that future events rarely develop exactly as forecast, and the best estimates routinely require adjustment.