Pete-With all your ability with TA et al;you missed one small variable of the equation.

Albeit,the most important variable

Let me spell it out for nut cases like you.

"Greece-headquartered contracting firm Joannou & Paraskevaides (J&P)."

I just did a little google search and pasted the first article that came up.

http://www.gulfconstructionworldwide.com/bkArticlesF.asp?IssueID=269&Section=1594&Article=8328

Now go and google up J&P and you'll realise that JOL(OMAG) has actually PARTNERED with J&P.The construction work will be done by J&P.And on J&P's website you will notice their CONSTRUCTION experience which you seem to demand of OMAG.

 The move is a smart one since J&P has ample experience in the Middle East.

Ever heard of JV's?Ever heard of collaborations or partnerships for a mutual win-win.This is one such example.

Read up the article from economist if you may not trust google after all.And if you're here to bash the stock just say so and own up like a real man would do