The Foreign Capital Investment Law is promulgated by Sultani
Decree 50/2019. It aims to boost and promote foreign capital investments in the
Sultanate by expanding investment sectors. The Executive Regulations and
implementing decisions shall be issued within six months. Sultani Decree 102/94
and any legislation that contradicts the new law shall be repealed. The Sultani
Decree is to be published in the Official Gazette and implemented six months
from the date of publication.
The Privatization Law is promulgated by Sultani Decree
51/2019. The law sets out procedures for the privatisation of government
facilities so as to expand the role of the private sector. The former privatization
Law, Sultani Decree 77/2004, and any legislation that contradicts the new law
will be repealed. The Sultani Decree is to be published in the Official Gazette
and implemented the day following the date of publication.
Sultani Decree 52/2019 promulgates the Law on Partnership
between Public and Private Sector. The law encourages investments by the
private sector in the public sector in order to encourage a diverse range of
national income sources. Any legislation that contradicts the new law will be
repealed. The Sultani Decree is to be published in the Official Gazette and
implemented the day following the date of publication.
The objective of the Bankruptcy Law, Sultani Decree 53/2019,
is to support businesses in resuming their economic activity while in distress
by restructuring the business. Book Five of the Law of Commerce and any
legislation that contradicts the new law will be repealed. The Sultani Decree
is to be published in the Official Gazette and implemented one year after the
date of publication.
The Public Authority for Privatization and Partnership and
its system of governance has been established by Sultani Decree 54/2019. The
newly established public authority will have a legal identity that will enjoy
administrative and financial autonomy. All employees and assets of the Oman Authority
of Partnership for Development and the Department of Privatization at the
Directorate General under the Ministry of Finance shall be allocated and
transferred to the new Public Authority.
Sultani Decree 9/2014 and any legislation that contradicts
the new law shall be repealed. The Sultani Decree is to be published in the
Official Gazette and implemented from the date of issuance.
Please contact us if you would like more detailed advice on
the above.
