With its beaches, mountains, wadis and deserts, Oman is a popular tourism location. Given Oman’s charm and huge tourism potential, Oman is experiencing an uptick in the number of hotel developments.
Oman is perceived mainly as a high-end, luxury tourist destination. As a result, most hotel developments tend to be in the four star or five star categories.
In this fifth and final part of our ‘managing contract risk’ series we consider contractually minimizing risks for when things go wrong or, making sure to be in the best position in case the contract cannot be performed.
As a director, you will gain status and have a direct impact on the policy and strategy of a business. It is important to understand and comprehend the role and responsibility this position demands. This article sets out the scope of authority and duties of the board of directors (the “Board”) as well as outlines some procedural requirements that are required by Omani law such as appointment of directors and their liabilities in joint stock companies.
Every joint stock company or limited liability company registered with the Ministry of Commerce and Industry (“MOCI”) in Oman is required to hold Annual General Meetings (“AGMs”) in compliance with the requirements provided under the Commercial Companies Law of Oman (“CCL”).
Simon Ward, Managing Partner
Dominic Pilkington, Partner
Bruce Palmer, Counsel
Curtis, Mallet-Prevost, Colt & Mosle LLP
Qurum Plaza
108 Al Wallaj Street
P.O. Box 1803; PC 114
Muscat, Sultanate of Oman
Tel: +968 2465 2600 or +968 2456 4495
