Leading Omani developer Omagine is in discussion with two Chinese contractors for the construction of its $2.5-billion beach-front real-estate and tourism project in the sultanate, said a report.
The Omagine Project is being developed by Consolidated Contractors International Company (CCIC), CCC-Oman and Royal Court Affairs (RCA) as shareholders, reported the Muscat Daily.
The big tourism project is planned to be an integration of cultural, heritage, entertainment and residential components including a high-culture theme park containing seven pearl-shaped buildings, each 60 ft in diameter.
It will also include associated exhibition buildings, a boardwalk, an open-air amphitheatre and stage; open space green areas; a canal and an enclosed harbour and marina area; associated retail shops and restaurants, said the report.
The development will also feature 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, and approximately 2,100 residences.
Omagine said an agreement has been reached with CCIC regarding a new structure of the CCC contract whereby CCC-Oman would be the general contractor and managing contractor (but not necessarily the actual builder) and would oversee and manage the Chinese sub-contractor and CCIC would be paid a fixed fee for this, stated the report.
It said that the proposal being discussed with each of such Chinese contractor is identical and includes a requirement for the award of the Omagine Project construction contract to the Chinese contractor (as a sub-contractor to CCC-Oman) if, and only if, both of the following conditions are fulfilled: (i) an investment into Omagine LLC by the contractor (or its parent company), and (ii) the Chinese contractor (or its parent company) must arrange for the project finance for Omagine Project.
Omagine in talks with Chinese firms for $2.5bn project
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