The company has proposed to the government of Oman the development by Omagine LLC of a real-estate and tourism project known as the Omagine Project.

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 significant net positive cash flows for Omagine LLC over the seven year period subsequent to the signing of the Development Agreement 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.