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 January 21, 2008 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://www.timesofoman.com/innercat....

DUBAI –– The amusement parks and attractions sector in the Middle East is in the midst of a strong growth-phase with guest spending at parks and attractions in the Middle East set to increase sharply from AED183.5 million in 2009 to AED734 million in 2011, said Charlie Bray, president and CEO of International Association of Amusement Parks and Attractions (IAAPA).

Bray was making his remarks during a panel discussion on "State of the Industry Worldwide and in the Middle East", at the ongoing TDIM 08 (Tourism Development Projects and Investment Market).

The panel featured top speakers including Darrell Metzger, CEO, Ruwaad and IAAPA Vice Chairman, Keith James, President and Partner, Jack Rouse Associates and Bob Masterson, CEO of Ripley Entertainment and Chairman of IAAPA.

TDIM 08, which is taking place at the Dubai International Exhibition & Convention Centre, Zabeel Hall & Hall 1 is the first-ever show dedicated to developments and investments in the tourism sector and is organized by Reed Exhibitions Middle East with the support of the World Travel & Tourism Council (WTTC) and the Department of Tourism & Commerce Marketing (DTCM), Government of Dubai. The show is taking place from January 20-22.

Stating that the attractions, entertainment and leisure parks sector in the Middle East currently posts revenues of AED36.7 billion, Bray said that the sector is expected to post annual growth of between 20 to 25 percent in the coming years. "Growth is being bolstered by the several billions of dirhams in investment already committed to building parks and attractions in the region. Additionally, estimates show that 5-10 percent of all new retail space here is being dedicated to family entertainment and amusement offerings," he said.

"Globally consumer spending on theme parks is slated to rise by nearly five percent annually, resulting in a AED104. 5 billion industry by 2011 fueled by vibrant expansion in nations throughout the world. This increase will be led by the Middle East and Asia, the two fastest-growing attractions and amusements parks markets today," he noted.

According to PricewaterhouseCoopers, the annual growth rate for the amusement sector in Middle East, Europe and Africa region is slated to be over five per cent upto 2011, raising yearly attendance to 154 million in just four years, with much of that growth predicted to come from the Middle East.

"Construction of new facilities across the region, particularly in the United Arab Emirates and Eastern Europe, will provide the fresh experiences that lead to an expected rise in attendance and guest spending," stated Bray. Besides the recently opened Lost Paradise of Dilmun Waterpark in Bahrain and the E-Zone entertainment center at the CityStars Cairo complex in Egypt, Bray said upcoming attractions in the region include Dubailand, Restless Planet and Universal Studios Dubailand, Ferrari World in Abu Dhabi, Entertainment City in Qatar, Aquaventure Waterpark at Atlantis – The Palm in Dubai, the Warner Brothers-themed park in Abu Dhabi, the WOW RAK theme park complex in Ras Al Khaimah and the Paramount Pictures-branded theme park here in Dubai.

"Combining rides, shopping, water activities, entertainment, dining, and hotels, all in one site is a great way to satisfy many vacationers' desires for variety thereby enabling them to extend their stay into a complete escape of three, four, five or even seven days," added Bray.