The deal covers the development of the Omagine project in line with government’s efforts to provide accommodation and recreational facilities to keep pace with the increasing growth in tourist traffic to the Sultanate of Muscat.
The project will be implemented by investment partnership between investors from within and outside the Sultanate. The scheme includes residential units as well as hotels, a theatre, a marina, restaurants and other associated services.
Journey Of Light Company of the USA has a 60% stake in the Omagine company, Royal Court Affairs has 25% and two subsidiaries of Union Contracting have 15%.
Minister of tourism Ahmed bin Nasser al Mahrzi said that the Omagine tourist project is one of the main tourism projects that will be implemented in the governorate of Muscat. He added that the project is one of the leading investment projects carried out through Omani-foreign partnership and that it aims to employ cultural and heritage tourism.