Omagine Inc.(OTCMKTS:OMAG) has been moving up steadily in recent days since a brief touch upon support levels at $1.25. Investors continues to wait for an update on the Company’s ”Multi-Billion Dollar Agreement with Oman and the Oman project.
OMAG has had this project in development now for close to 10 years even before the Company changed their name to Omagine, Inc. in June 2007. As early as 2006 when the Company was still Alfa International Corp. and then later Alfa International Holdings Corp. they were in Oman working on this.
Omagine Inc.(OTCMKTS:OMAG) is a publicly traded company conducting real-estate development, tourism and entertainment business activities through either its 60% owned subsidiary Omagine LLC or its 100% owned subsidiary Journey of Light, Inc. The Company is focused on real-estate, entertainment and hospitality opportunities in the Middle East and North Africa (the “MENA Region”) which is one of the fastest growing tourist destinations in the world.
Governments in the MENA Region are seeking to diversify their economies and create employment for their citizens via the development of tourism destination projects. It is the Company’s opinion that this governmental strategic vision combined with the enormous financial resources in the MENA Region will continue to present superb development opportunities. The Company presently focuses the majority of its efforts on the business of Omagine LLC and specifically on the Omagine Project.
On October 2 OMAG announced the $2.5 billion Omagine Project a planned integration of cultural, entertainment and residential components, including: hotels, commercial buildings, retail establishments and more than two thousand residences to be developed for sale. It will be developed on one million square meters (245 acres) of beachfront land (the “Omagine Site”) facing the Gulf of Oman just west of the capital city of Muscat and approximately six miles from Muscat International Airport.
The Company owns 60% of Omagine LLC. The other Omagine LLC shareholders are: i. the office of Royal Court Affairs (“RCA”), which owns 25%, and ii. two subsidiaries of Consolidated Contractors International Company, SAL (“CCIC”), which collectively own 15%.
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The Company, RCA and the two CCIC subsidiaries are parties to a legally binding Shareholder Agreement which, among other things, provides for: i. initially capitalizing Omagine LLC at 150,000 Omani Rials [$390,000], and ii. Increasing Omagine LLC’s capital to 26,988,125 Omani Rials [$70,169,125] within a 6 to 12 month period following the signing of the Development Agreement, and iii. a payment-in-kind investment of the land constituting the Omagine Site (the “PIK”).
The value of the land constituting the Omagine Site is conservatively but informally estimated by local real-estate brokers to be in excess of $700 million. The legally binding contract between all parties was signed on October 2, 2014.
The Omagine Project will include 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.
Also planned are 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.
Omagine, Inc. organized Omagine LLC under the laws of Oman to design, develop, own and operate a tourism and real-estate development project in Oman named the Omagine Project. The Omagine Project is estimated to cost approximately $2.5 billion to design, develop and construct.
On August 28 OMAN announced Alan M. Matus has been appointed as an independent Director of Omagine, Inc. effective September 1, 2015. With Mr. Matus’ appointment, the majority of the Company’s Board of Directors now consists of non-executive independent outside directors.
Mr. Matus has five decades of residential, hospitality and commercial real estate development experience. He is a seasoned real estate industry executive and owner who has personally directed the development, planning, architectural design, financing, construction and marketing of many public and private developments both internationally and in the U.S. Mr. Matus graduated as a Chartered Accountant (a CPA equivalency) from the University of Witwatersrand, Johannesburg, South Africa.
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Currently trading at a $25 million market valuation OMAG does have $1.1 million in the treasury, rising short term debt and no revenues to date. Recently there was big excitement after the Company announced its 60% owned subsidiary, Omagine LLC has signed a Development Agreement with the Government of the Sultanate of Oman to design, develop, own and operate a tourism and real-estate development project named the Omagine Project estimated to cost approximately $2.5 billion to design, develop and construct. We will be updating on OMAG when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with OMAG.
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Disclosure: we hold no position in OMAG either long or short and we have not been compensated for this article.