International law firm Stephenson Harwood LLP has advised on a large scale real estate and tourism development project in Oman.
The Omagine project, which will cost approximately 2.5 billion US dollars to develop, was agreed with the Ministry of Tourism for the government of Oman and Omagine LLC. The project team from Stephenson Harwood's Dubai office advised Omagine LLC, which will design, build, own and operate the mixed use 'integrated tourism complex' under a special royal decree which allows non-Omani citizens to buy and own real estate in Oman which is connected to a tourism development. The development agreement was signed on October 2, 2014.
The development will be located on a one million square metre plot of beachfront land on the outskirts of Muscat, the capital of Oman, and nearby to Muscat International Airport and will include residential, commercial, retail and tourism components as well as substantial land reclamation works.
Lead partner Sean Angle, of Stephenson Harwood Dubai commented: "We are pleased to see the completion of this major deal. The project will be one of the largest integrated tourism complexes to ever be undertaken in Oman and the next few years of development will be very exciting times for the area."