These efforts have begun to bear fruit, H E Dr Sunaidy recommended, reflecting the priorities and vision of His Majesty Sultan Qaboos bin Said. This procedure has now accelerated, he mentioned, with the adoption of 5 groundbreaking laws developed to market joint ventures and to make Oman much more business-friendly.
H E Dr Sunaidy was speaking at the roundtable meeting hosted by the National US-Arab Chamber of Commerce (NUSACC), in partnership with Oman’s Permanent Mission to the United Nations in New York.
Thirty NUSACC stakeholder organizations participated in the roundtable, which includes organizations at present carrying out business in Oman, as nicely as organizations that are contemplating Oman as a potential hub for the area.
“Our chamber has been privileged to work with H E Dr Sunaidy for many years,” stated David Hamod, president and CEO of NUSACC. “In light of his responsibilities in Oman, there are very few people who can share such a comprehensive vision of where the sultanate is today and where it intends to go tomorrow.”
The Public-Private Partnership (PPP) Law establishes a framework for Omani companies to perform in partnership with the government. The objectives of the law are to boost the economy by encouraging the private sector to invest in infrastructure projects and public solutions, to diversify sources of earnings, to attract foreign investment and knowledge, and to offer a transparent regulatory framework.
Foreign Capital Investment Law
This law seeks to facilitate investment in Oman by minimising red tape and removing prospective obstacles, which includes specific agency specifications (e g foreign investors will no longer be needed to have neighborhood Omani partners). The new law will streamline procedures and permits required by foreign investors, as nicely as provide new incentives and guarantees.
The Privatisation Law
It encourages a component of the Omani economy to move from public to private and will expand the part of sultanate’s private sector in ownership and management, thereby developing capacity and attracting knowledge, technologies and investment.
The Bankruptcy Law
This law will develop a legislative and legal framework that enables businesspeople to overcome the debt stage, as nicely as reviving distressed organizations. Commercial Companies Law This law focuses on developing a much more robust capital marketplace. It addresses current developments in monetary sectors – which includes Islamic finance goods such as sukuk – and overhauls procedures for joint stock organizations, particularly for holding organizations. The new law replaces the earlier law, which had been in location given that 1974.
Establishment of PAPP
The Public Authority for Privatization and Partnership (PAPP) will serve as the implementing physique for the new PPP law and Privatisation law. PAPP will also be accountable for enhancing the efficiency of infrastructure projects and public utilities. Moreover, it will implement and handle Oman’s Offset Program – formerly recognized as the Partnership for Development Program – in which organizations with government contracts worth much more than RO5mn (US$13mn) should commit to invest 50 per cent of the contracts’ worth into financial projects in the sultanate.
Oman has historically relied on oil and gas as the primary driver of economy, with practically 80 per cent of government earnings derived from that sector. In current years, H E Dr Sunaidy noted, Oman has begun to diversify its economy, constant with Tanfeedh. At the roundtable he highlighted the important sectors identified: manufacturing, tourism, fishing, mining & minerals, and logistics. Quality of Life sectors Oman’s Vision 2040 improvement program aims non-oil contributions to exceed 90 per cent. This ambitious undertaking also aspires to boost participation of Omani nationals in the private sector to 42 per cent by 2040 and to expand foreign investment to ten per cent of GDP.
Information Source: Muscat Daily