Consolidated secures $1bn resort deal

16 May 2008
Athens-based Consolidated Contractors International Company (CCC) has been awarded an estimated $1bn contract for building works on the Omagine project outside Muscat.

The works involve the construction of low-rise residential and commercial buildings with a maximum height of three floors, as well as a hotel. Altogether 3,300 residential housing units will be built.

The entire site will be built on 1 square kilometre of beachfront to the west of Seeb International Airport and includes a cultural theme park containing museums and entertainment venues, retail shops and restaurants, a harbour and a marina.

Cyprus-based Joannou & Paraskevaides is working on the infrastructure for the project, which is expected to take up to five years to complete.

CCC is an investor in the project, which is being developed by Omagine. The project company recently received approval from the government for the project.

The company is now required to inform the government by the end of May about details relating to shareholding of the project company and various elements of the project’s design.

The project has been designated an integrated tourism complex by the government, allowing the developer to sell residential properties on the site to expatriates.

CCC is close to concluding negotiations over a development agreement with the Omani Tourism Ministry, and expects to sign the deal in the summer.

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