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Alfa Gains Equity for $2B 'Omagine' Project

MUSCAT, OMAN-An active general contractor in the Middle East will provide equity for the 245-acre beachfront development in exchange for the construction contracts.

By Brian K. Miller | Updated on January 07, 2007

(For more retail coverage, click GlobeSt.com/RETAIL and to read more on the multifamily market, click here.)

MUSCAT, OMAN-Alfa International Holdings of New York has gained the equity partner it needs to move forward with a mixed-use development on 245 acres of beachfront here being provided by the Omani government. Dubbed “Omagine,” the project is an integration of cultural, heritage, educational, entertainment and residential components.

Alfa, through its Journey of Light subsidiary, has been working toward a development agreement with the Government of Oman since early 2005. Frank Drohan, president of both Alfa and JOL, tells GlobeSt.com that a formal development agreement with the government should be signed before the end of the first quarter, clearing the way for development to begin now that it has found an equity partner in Joannou & Paraskevaides Ltd., an active general contractor in the Middle East.

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