Re: FOOTPRINTS IN THE OMANI SAND
in response to
by
One mile of Ocean Front, One Incredible Real Estate Development
Multi-Billion Dollar Agreement Signed With Oman
Message: Re: FOOTPRINTS IN THE OMANI SAND
Just my interpretation. The 1million sqre meters is what is there now. The net of dredging and adding is unknown since that will take more time and design and they can't give us land that doesn't exist. However, from the DA, omagine will receive an amendment to the usufruct once the land is complete. Below is an excerpt from the DA.
9.6 Reclaimed Land, and Land Title
9.6.1 Subject always to Clause 9.6.4 below upon the formation of dry land for the Reclaimed Land, the Government shall after receiving proper notification from the Project Company that the works necessary for the creation of such Reclaimed Land, including an Environmental Impact Assessment, the survey thereof, together with a certificate from a professional engineering firm licensed to practice in the Sultanate of Oman that the compacted land is fit for the purpose of construction, have been duly completed in accordance with the DCP and Law (such notice to be given not earlier than the point in time when the Reclaimed Land is created), grant a Usufruct right for the remainder of the Usufruct Term to such land to the Project Company on the terms as set out herein and upon request from the Project Company or do all such things as are necessary so as to transfer and register the necessary Freehold Title thereto in the name of the Project Company (or directly to a third party if so requested by the Project Company) in a timely manner
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