28 October 2014 | By Hannah Gannagé-Stewart

Stephenson Harwood has taken a lead role advising the developer of a long-awaited $2.5bn (£1.55bn) real estate and tourism development project in Oman.

A development agreement was signed on 2 October between Oman’s Ministry of Tourism and the developer Omagine LLC, 60 per cent of which is owned by New York-based Omagine Inc.

Dubai-based Stephenson Harwood corporate and projects partner Sean Angle led the project for Omagine Inc, along with associate Toufic Safie. Oman’s Ministry of Tourism was advised by its in-house counsel.

The development gives the owner and developer the right to build on, own and operate on what is essentially government land, with an additional arrangement that enables the eventual sub-division and sale of individual plots.

The royal decree under which the deal was agreed is designed to encourage tourism development, and allows non-Omani citizens to buy and own real estate in the country.

The Omagine complex will be located on a one million square metre plot of beachfront land on the outskirts of Oman’s capital Muscat.

Under the agreement construction must be complete within five years. The project is currently in the planning and financing stage with building expecting to begin in 12 months. Additional advisers are yet to be appointed.

Angle said: “We are pleased to see the completion of this major deal. The project will be one of the largest integrated tourism complexes to ever be undertaken in Oman and the next few years of development will be very exciting times for the area.”

Background to the deal:

Angle was appointed as Trowers & Hamlins’ head of Oman in 2000 (6 March 2000). It was in this post that he developed his long-standing relationship with Omagine through chief executive officer Frank J Drohan.

In 2006 Angle was poached by Reed Smith to lead its new office in the Dubai International Finance Centre (8 September 2006) and took the client to the new role.

He has retained Omagine as a client throughout subsequent moves to DLA Piper in 2011 and then to Stephenson Harwood earlier this year.

http://www.thelawyer.com/news/regions/middle-east-news/stephenson-harwood-advises-on-25bn-omagine-development-in-muscat/3027677.article