PLANS for the development of a major integrated tourism complex (ITC) in Muscat governorate, dubbed the Omagine Project, have moved forward  following the signing of a key shareholder agreement by its promoters, according to the Oman Observer.

The mixed-use tourism, cultural and residential development is proposed to be developed along a pristine beachfront stretch not far from Muscat International Airport. The total investment in the development is estimated at RO1 billion ($2.5 billion).

Omagine, the company behind the ambitious venture, announced recently the conclusion of a shareholder agreement with three strategic shareholders: Office of Royal Court Affairs (25 per cent), Consolidated Contractors Company SA (10 per cent) and Consolidated Contractors Company Oman (five per cent). The deal effectively reduces Omagine’s equity holding in the project from the original 100 per cent to 60 per cent.

Omagine will incorporate heritage, educational, entertainment and residential components anchored by a ‘high culture’ theme park.