My take on the entire story so far:

Fact 1

Omagine is sitting on a land worth $700mil +, with exclusive rights to develop it.

Fact 2

Oman Government is fully supporting this project. Signing of DA, and patiently waiting for management to put its house in order for so many years is astonishing.

Fact 3

Royal Court is a Shareholder in this enterprise.

Fact 4 (suggestion)

It is always relatively easy to raise money for a safe and sound investment, and this one looks a clear winner.

What is the problem then? Omagine obviously needs urgent cash injection of at least $15mil-$20mil to start the ball rolling.

Taking into account all of the facts, the present situation seems inconceivable to me. Not being able to find a decent partner and/or raise that much money in this particular scenario, is suggesting some monumental problems in the entire concept. We all believe the Management is doing everything possible to achieve this goal, and they may well know something that we do not, but it may be the time to rethink the entire financial construction (Shareholdings, Omagine, Omag, LLC, Strategic Partnerships and so on...), and try to deal with it some other way.

(Financing the project of this scale in this particular way is not so usual, and it is proving to be extremely difficult.)

This project does not deserve to fail.

Anyone?