Oman’s $2.5bn Omagine project attracts investors across GCC states

12 July 2015 (Last Updated July 12th, 2015 18:30)

Member states of the Gulf Cooperation Council have investors, funds and banks interested in Oman's $2.5bn Omagine project, which is focused on supporting tourism and real estate.

Member states of the Gulf Cooperation Council have investors, funds and banks interested in Oman's $2.5bn Omagine project, which is focused on supporting tourism and real estate.

To be developed across 245 acres of beachfront land by a company with the same name, the project integrates cultural, entertainment and residential components.

"We have witnessed a large appetite for both investing in Omagine's equity and for providing project financing debt facilities."

Omagine vice-president for finance Agron Telaku said: "We completed an independent third-party update to our feasibility study and we also had our internal financial model updated by specialist real estate investment bankers and advisers.

"The updated feasibility study, land valuation reports and financial model have been invaluable in the numerous discussions we have held with many investors and major local and international banks."

"We have witnessed a large appetite for both investing in Omagine's equity and for providing project financing debt facilities for project development."

US-based company Omagine intends to develop and design distinctive locations into tourism destinations with integrated flavours of both high and low-culture flavours, mostly in the Middle East and North Africa (the MENA Region).