CCC to sign mega Oman deal

expat network

CCC to sign mega Oman deal

Athens-based Consolidated Contractors Company (CCC) is preparing to sign the largest construction contract ever awarded in Oman.

The deal which is expected to be between $2.3bn-2.6bn covers the construction of the Omagine development to the north of Muscat, in which CCC is an investor.

To date, the largest construction contract awarded in Oman is the $1.8bn deal secured by US-based Bechtel, the local Bahwan Engineering and Turkey’s Enka for the construction of the new passenger terminal at Muscat International airport.

The Omagine mixed-use project will be built on 1 million square metres of beachfront land 10 kilometres north of Muscat.

The construction contract signing will follow the signing of a development agreement with the government last year. “It took a few years to negotiate the development agreement with the Ministry of Tourism that is representing the Government of Oman, and 2 October this year we signed a development agreement with the government,” says Sam Hamdan, President of Omagine.

The largest element of the project is the residential zone that will have 2,164 freehold properties, which will be a combination of apartments, townhouses and villas. The concept masterplan also includes hotels, a five-star hotel with 250 rooms and 30 suites, and one or two four-star hotels, each with 250 rooms and 30 suites. Rounding out the hospitality component of the development are 600 chalets: 300 with two rooms; 300 with one room; together with 724 serviced apartments.

There will also be more than 46,000 square metres of office space and more than 46,000 sq m of retail, together with restaurants, cafes and a cinema.

The Omagine project is being developed by a special purpose vehicle (SPV) known as Omagine. It has three primary shareholders, the Office of Royal Court Affairs holds 25 per cent, CCC holds 15 per cent, and the remaining 60 per cent is owned by US-based Omagine Inc.

Source: Agoracom

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Moving Abroad Checklist

Initial Considerations

Will your partner be travelling with you?

If so, what will they be giving up in your present home and will they be able to continue with their career in your new home? You will need to check whether a separate visa is required for your partner to work or if your visa gives that right. If they are unable to work you will need to decide on the effect on your finances and what alternatives are available to give a fulfilling life (home business, training, voluntary work).

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Moving with family raises many exciting opportunities, but also can create challenges. The HSBC Expat Explorer survey indicates that expat kids can take six months to settle in to their new country (see article). Getting young or even older children to prepare to move and leave their friends and family behind can be a challenge and should be thought through.

The options for education is another area that needs to be thought through.

Moving your child to a new country with a different education system can be a great opportunity to broaden their experience, but if they are close to key exams the timing can make this inadvisable. If you do take your family with you, it is important to decide between joining the local school system or choosing an international school.

Where will you be living?

Whether you will be living in a house or apartment, furnished or unfurnished, these decisions will affect what you need to take with you. The time you are planning to live overseas will also affect whether you should leave your property at home empty, rent it out or sell it. See the article Sell, Store or Ship.