I have had the same thought. The following is a brief summary of how I believe other projects have impacted Omagine.

Below is a link to a slideshow for lessons learned from the Wave project. In it are the following dates:

-Share Holder Agreement was signed in Oct 2005

-Company was officially incorporated in March 2006

-Development Agreement was signed in June 2006

-Royal Decree 9/2007 was issued in January 2007

Also in the slideshow there is mention of utility service coordination with the government and coordination with modifications to the nearby airport.

Another project that was under construction around this time was Blue City, which ended up in financial ruin.

I believe, a slow start to the Wave due to infrastructure issues and the failure of the Blue City project ($15B I think) lead to changes in their approval process for ITC's. Also below is a link to Oman's Development Control Plan Framework which was revised or released in 2010 (after the collapse of Blue City) and outlines a framework, seemingly, for the process Omagine has been enduring.

http://www.iqpc.com/uploadedFiles/EventRedesign/Dubai/2012/January/19384002/Assets/Design_Construction_Challenges_at_The_Wave_Muscat.pdf

http://www.omantourism.gov.om/wps/wcm/connect/5a4b2d00402e50b7ab86abe161b1c19a/DCPF.pdf?MOD=AJPERES&CONVERT_TO=url&CACHEID=5a4b2d00402e50b7ab86abe161b1c19a