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Priority to tourism projects

Posted by admin On January - 13 - 2012

By Homoud al Mahrazi -
MUSCAT —

The Ministry of Tourism has received more than 500 applications for tourism projects and some of them have excellent feasibility studies and are expected to be successful and highly profitable when implemented.
“We want to give chance for those who are willing to establish tourism projects provided they present thorough studies. Applicants should have good knowledge in the tourism field,” said Shaikh Abdulmalik bin Abdullah al Khalili, Minister of Tourism.

Talking to Oman Arabic daily, sister publication of the Observer, he said that the ministry has started a new approach for granting land to those who apply for tourism projects whereby the projects are floated for competition, and the approval will be given to the best offers in terms of technicalities.

The method of open competition stems from the ministry’s keenness to apply transparency and the principle of fairness, and to guarantee success of the projects.
The ministry will open competition for land usufruct to establishing tourism projects in Ibri, Masiral, Mudhaibi and Sur, the minister added. The selection of Muscat as a capital for Arab tourism is a recognition of the city’s importance in the tourism sector. The ministry has set up a team to study the details and preparations for the event. Actual preparations are set to start before the end of this year.

“We endeavour to extend the tourists stay in the country to more than two nights, we can achieve this through various tourist and entertainment projects.

“I am hopeful that the coming period will see the tourism sector achieve further development especially with the increase of tourism allocations in the current Five-Year Development Plan (2011-2015) to RO 105 million, in addition to the government contribution to integrated tourism complexes,” he added.

The total value-added for the tourism sector (hotels and restaurants) during the first quarter of this year has reached RO 49.2 million, compared with RO 47 million in the corresponding period of last year.

The minister said that they are striving to develop the tourism sector through the tourism development plans. The 8th Plan emphasises on sustainable and balanced development for the tourism sector.

The plan aims to achieve a minimum of 7 per cent annual growth rate, as well as upgrade the internal tourism.

Among the ministry’s goals are the diversification of tourism products and the incorporation of local communities in the tourism development.
The government of the Sultanate of Oman is committed to applying the standards of sustainable tourism with the objective of protecting the environment and preserving the natural resources and the Omani cultural identity.

Our strive to implement the objectives of the 8th Plan will lead to the desired advancement in the tourism industry to the benefit of the national economy, this trend will also provide a plethora of job opportunity for the unemployed, he added.
The minister said that the Royal directive to transform the Port Sultan Qaboos to a fully-fledged tourism port, emanates from His Majesty the Sultan’s keenness to develop the tourism sector and to foster the tourism infrastructure.

Co-operation is under way between the Tourism Ministry and the public and the private sectors to prepare the general framework of services and amenities to be set up in the project so that the new tourist port will be able to offer integrated tourist services.
Al Khalili added that an approximately RO 105 million has been earmarked to the tourism sector in the 8th 5-year development plan, in addition to the government contribution to the integrated tourism complexes.

Among the most important projects in the next period are; maintenance work and establishment of a health club and villas in the Al Bustan Palace Hotel, as well establishment of tourist service amenities in various locations, establishment of a tourism resort in Masirah, development word of Majlis Al Jinn Cave, and the establishment of tourist service amenities in Al Wusta Region.

Speaking about the dispute between the investors and the developers of Salalah Beach Resort, the minister said there is a direct relationship between the company and the buyers of the units, so it is better for the ministry not to interfere at this time.
“There are certain mechanisms for settle such disputes as per the purchase contracts. As far as I know there are no such problems in other projects.

“We are fully aware of the scale of competition in the tourism industry in the region, hence we are focusing on the fields that enhances our competitiveness such as the continuous improvement and diversification of the quality of our tourist services via introducing new styles capable of catering to the needs of a wide segment of tourists, intensifying our promotion campaigns, opening up new markets in the emerging countries, and fostering co-operation with national carrier — Oman Air — so as to draw large numbers of tourists, the minster said.

Orignally published on Fri. January 13th, 2012

Link to article: http://main.omanobserver.om/node/79131

Welcome to the SPoT Coffee Ltd Discussion forum on AGORACOM

Posted by admin On November - 23 - 2011

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CFRI – Conforce International Released Form 10-Q Second Quarter Financials

Company to host conference call to provide an update on operations on Wednesday, December 7, 2011

Oman partners register shareholdings in RO 1bn Omagine project

Posted by admin On September - 23 - 2011

Signing of key Development Agreement expected soon – By Conrad Prabhu – MUSCAT — A key agreement that will pave the way for the commencement of construction work on the much-anticipated Omagine mixed use tourism, cultural and residential project in Muscat is expected to be signed soon, according to the promoters of the RO 1 billion venture.

It follows the completion at the Ministry of Commerce and Industry last week of shareholder registration of the project company’s three new partners. The registration effectively formalises equity stakes for the Office of Royal Court Affairs (25 per cent), Consolidated Contractors Company SA (10 per cent) and Consolidated Contractors Co Oman LLC (5 per cent). Consequently, parent company Omagine Inc’s equity holding in the project shrinks from the original 100 per cent to 60 per cent.

In a statement, Omagine’s President, Frank J Drohan, welcomed the successful completion of the registration process as another milestone on the road to the implementation of the prestigious project. The company now has its sights on the on-important Development Agreement (DA) with the Government of Oman covering the design, development, construction, management and ownership of the Omagine Project. The draft DA, which has been approved by all of the relevant ministries, is now awaiting final signature, according to Omagine LLC.
“We see no impediment now to the DA being signed in a timely fashion. We look forward to beginning the development of the Omagine Project,” Drohan stated. Set on a waterfront stretch covering one million square metres near Muscat International Airport, Omagine is envisaged as a sumptuous mixed use development incorporating heritage, educational, entertainment and residential components. The centerpiece is ‘high culture’ theme park featuring seven pearl-shaped buildings, associated exhibition buildings, a boardwalk, an open air amphitheatre and stage.

In addition to an enclosed harbour and marina, the complex will also include a selection of five, four and three-star hotel resorts, restaurants, retain shops, entertainment avenues, and other leisure facilities. A residential component comprising around 2,000 residential units is envisaged as well. When launched in phases over the next several years, Omagine with its stunning array of sea facing architectural and cultural components will transform a section of Muscat’s waterfront along the Seeb-Al Hail stretch into a luxury lifestyle destination. It will complement the equally splendid The Wave, Muscat mixed use tourism and residential development which has pioneered the concept of Integrated Tourism Complexes (ITCs) in the Sultanate. Consolidated Contractors Company (CCC), which is already executing a number of big-ticket infrastructure projects in Oman, has been named as the general contractor for the Omagine venture. CCC Oman is a subsidiary of Consolidated Contractors Group SAL (CCG), a Lebanese multinational company headquartered in Greece. CCG and its subsidiaries around the region boast a combined workforce of 120,000 employees and an annual revenue of $5.5 billion. US-based Omagine Inc is a real estate development, entertainment and hospitality company focusing on development opportunities in the Gulf and Middle East. Net positive cash flows for Omagine LLC are forecast in excess of $1 billion over the seven year period subsequent to the signing of the DA with a net present value of the project in excess of $500 million, according to the promoters.

The piece below ran in the Saturday edition of the Oman Observer.

http://main.omanobserver.om/node/65139

Re: SP Thoughts

Posted by admin On September - 12 - 2011

Hi there, just bought into YLO because I heard through a BNN inquiry that they should stabilize around $4.00, although they will reduce their 6% dividend to 1.5% – not bad for a newbie.

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