Dear Omagine shareholders, In our continuing pro-active efforts to keep investors apprised of the most relevant and timely information on Omagine and its target markets, AGORACOM is pleased to present you with this latest Industry Bulletin.

Please find below an article which was published on August 29, 2007 by the Times Of Oman. It is the No.1 news portal* in Sultanate of Oman. The website is also the online face of Times of Oman, the oldest English-language newspaper in Oman. Founded in February 1975 as a tabloid news weekly, Times of Oman became a broad-sheet daily in 1990.

Essa bin Mohammed Al Zedjali is the Founder, Chairman, and Editor-in-Chief of Times of Oman.

Timesofoman.com is the Gold Award winner at the Oman Web Awards 2006 and Bronze Award winner at the Pan Arab Web Awards, 2007.

Regards,

AGORACOM Investor Relations

Link to Article : http://timesofoman.com/inner_cat.asp...

KUWAIT — A report published by The Global Investment House in Kuwait, has said that Oman’s economy will show impressive growth in the future.

This was mainly driven by international high oil prices, increase in the liquefied natural gas (LNG) exports and investment in new infrastructure projects of petrochemical, energy, telecommunications, tourism in addition to the ongoing effort to encourage direct foreign investments.

The report titled ‘Oman Economic and Strategic Outlook’ hailed Oman’s economy in the past three years, noting that the Sultanate has witnessed steady economic growth as it accelerated momentum on diversification initiatives to encourage this trend.

It explained that this was manifested by the approval of the new taxation law issued in September 2003 and the new privatisation law in July 2004.

The government has also liberalised telecommunications, energy, public utilities and tourism sectors to attract private sectors.

The report said the nominal GDP grew at the rate of 15.6 per cent in 2006, albeit slower than the rate of growth of 24.6 per cent exhibited in 2005.

Nevertheless, Oman’s GDP growth rate in 2006 is still considered relatively high due to global high oil prices in general, and the rise of Omani crude oil price in particular, which reached $61.69 per barrel, constituting a 22.7 per cent surge.

The report further said that the total government revenues increased stood at RO5.02 billion last year, constituting a 11.5 per cent rise.

The net oil revenues being the major resources for government revenues reached RO3.2 billion during same year.

On the expenditure front, spending increased on investments and infrastructure projects since the government knows their important role.

The total general spending grew to RO4.9 billion in 2006 as against RO4.2 billion in 2005.

Global report also touched on the Sultanate’s efforts to attract direct foreign investments due to their important role in boosting domestic economy.

Measures taken for privatisation have been part of the structural development programme to enhance development strategy and make the Omani economy more attractive for investors.

These steps include removing barriers facing direct foreign investments, thus simplifying business regulations and follow the one investment centre, said the report.

The report has pointed out that the monetary policy adopted by the Central Bank of Oman in 2006 also maintained stability of surplus domestic liquidity.

The reserves are also used to maintain the peg of the Omani riyal to the US dollar at its fixed rate, interest rates among bank were generally less than CD rates.

Muscat Securities Market (MSM) had achieved good revenues during 2006 where the general market index rose by 14.4 per cent, the report said, noting that the MSM rates closed high.

This was attributed to Oman’s good economic performance, high oil prices, strong criteria of declaration, improved profitability of enlisted companies.

It is worth noting that the Global Investment House was established in 1998 as an investment company. It is governed by the Kuwaiti Central Bank.

The house is publishing regular researches, including company analysis, securities markets reports, economic reports and weekly reports which covers the AGCC economies.