Usufruct Agreement and Land Handover between Sultanate of Oman Ministry of Tourism and Omagine LLC (July 2015)
The Sultanate of Oman Ministry of Tourism and Omagine LLC have entered into a Usufruct Agreement granting Omagine LLC the right to use a 1,000,000 square meter government-owned touristic land in Al Seib state. The agreement, effective July 1, 2015, allows Omagine LLC to receive and begin development of the land as per a previously established development agreement. The land was officially handed over to Omagine LLC on the same date, and both parties have signed the minutes of receipt and handover.
Exhibit 10.6
Sultanate of Oman
Ministry of Tourism
Muscat
Ref: FO/IP/4407/2015
Date: 2 July 2015
Mr. Drohen Francis Joseph
Managing Director
Omagine LLC
PO Box 708, RB: 115
Dear Sir,
Subject: Usufruct Agreement for Government Touristic Land No 1, 74SW quarter, Al Seib state
I am pleased to attach the following documents:
| 1. | Original Usufruct Agreement for the Government Touristic Land No 1 in the 74SW quarter, located in Al Seib state, with a size of 1,000,000 sqm (one million square meters) after having been approved by the relevant authorities. |
| 2. | Minutes of receiving and handing over the abovementioned land. |
We ask you to receive the land and begin procedures for executing the project as per the development agreement entered into with you, keeping in mind that the effective commencement date of the development agreement is 1 July 2015.
Kind regards,
(signed and stamped)
Hilal Bin Ghalib Bin Ali Al Hannai
Green Tourism Advisor
Delegated to oversee the tasks of the Director General of Planning, Follow up, and information
Sultanate of Oman
Ministry of Tourism
Muscat
Minutes of Receipt and Handover
Upon the approval of the Ministry of Tourism to lease the Government Touristic Land No 1 in the 74SW quarter, located in Al Seib state, Muscat, with a size of 1,000,000 sqm (one million square meters), to Omagine LLC, the above-mentioned land has been handed over to the Company on 1 July 2015, and the Usufruct Agreement has been executed with the Company on 1 July 2015.
| No.
| Name | Signature and stamp |
| 1. | On behalf of Ministry of Tourism Director of PLaning and Development | (signed and stamped) |
| 2. | On behalf of Omagine LLC Mr. Drohen Francis Joseph | (signed and stamped) |
This Minutes has been prepared in 2 copies, one copy to be handed over to the Ministry of Tourism and the second copy to Omagine LLC.
Date: 2 July 2015
