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Omagine aims to sign $2.5bn Muscat project deal early-2014

US-based Omagine Inc. has said it is set to sign early next year an agreement to set up a multibillion dollar mixed-use beachfront tourism, leisure and residential development in the Omani capital, Oman Daily Observer has reported. The Omagine Project, estimated to cost $2.5bn, promises to transform a wide swath of the waterfront adjoining the Muscat International Airport into one of Muscat’s principal leisure and entertainment hubs. Earlier this year, the company appointed BNP Paribas as the financial adviser to its local unit, Omagine LLC, as well to arrange the financing for the Omagine Project, including evaluating various funding, capital and debt structures available to the company. It also signed up BNP Paribas Real Estate for its expertise in real estate advisory services.