This was communicated by the Government Communication Center (GCC) in a statement issued in cooperation with the Ministry of Finance, the Ministry of Commerce and Industry and the Public Authority for Investment Promotion & Export Development (Ithraa). “The Royal Decrees are part of the government’s efforts to promote competitiveness of the national economy globally. Furthermore, these laws reflect the government’s desire for the private sector to play a role in Oman’s development and create better job opportunities for the national workforce,” GCC stated.
With planet-class infrastructure, such as roads, ports, airports and particular financial zones currently in spot coupled with sultanate’s expanding reputation as a logistics hub, the new regulatory atmosphere is bound to get the interest of foreign investors, expediting the all round improvement in the nation.
Foreign Capital Investment Law
Some of the objectives of the law, as underlined by GCC, consist of advertising the sultanate’s position as an investment location capable of attracting
foreign capital, improve competitiveness in line with international indicators by means of the legislative method that governs enterprise. Also, the aim is to streamline procedures and problem permits essential for foreign investment inside the nation by means of the Investment Services Centre of the Ministry of Commerce and Industry.
The law will assist provide incentives to attract foreign investment and grant the investor essential guarantees for the project. “For example, provide the foreign investment project with all advantages, incentives and guarantees granted to the national project in accordance with the applicable laws in the sultanate. A decision by the Council of Ministers may decide preferential treatment for foreign investors in accordance with the reciprocity principle,” it mentioned.
Land and actual estate needed for the investment project could be allocated by way of a lengthy-term lease or usufruct more than the identical, with out getting topic to the provisions of Royal Decree five/81 regulating usufruct more than Oman’s land and the Land Law in accordance with the guidelines and provisions set out by the regulations following coordination with the relevant authorities.
Public-Private Partnership Law
The law will enhance the national economy by encouraging the private sector to invest in infrastructure projects and public solutions, as nicely as contribute in the diversification of national revenue sources.
It will assist lay out a regulatory framework to handle the procedure of public-private partnership in a transparent manner as nicely as enhance the high quality of public solutions and decrease their establishment and operation fees, which contributes to relieving the monetary burden on the state’s spending budget.
The law lays down all the parameters for establishing, launching and awarding public-private partnership projects.
The law aims to encourage the implementation of government policies relating to expanding the function of the private sector in ownership and management of different financial activities.
The GCC expects that it will also encourage attracting investment, experience, technologies and information as nicely as raise resource management efficiency, enhance solutions and develop higher-high quality job opportunities.
The law will develop a legislative and legal framework that promotes the enterprise atmosphere by restructuring the procedures that allow enterprise individuals to overcome the debt stage.
It will also cover foreign organizations operating in the sultanate as nicely as assistance distressed organizations to revive and resume their financial activity.
It will assist set a ‘pre-preventive’ composition stage known as ‘Restructuring’ by means of which the concerned parties cooperate with distressed enterprise individuals aiming to assistance them to re-structure their enterprise as nicely as encourage investment and entrepreneurship.
Information Source: Muscat Daily