The Omani Civil Code, promulgated by Royal Decree 29/2013, has provided clarity and guidance on several key facets of commercial and civil transactions. One key area relates to warranties.
This article provides an overview in this regard.
Friday, March 28, 2014
Warranties Under the Civil Code
Monday, March 24, 2014
Liability of Directors in Omani Companies
The Code of Corporate Governance
The Code of Corporate Governance (the “Code”) issued by the Capital Markets Authority and the Commercial Companies Law of Oman (promulgated by RD 4/74, as amended, “Company Law”) outlines the responsibilities of ‘Directors’ in Omani Companies and the liabilities which extend to them in this position. The Company Law applies to all joint stock companies and the Code is mandatory but only applies to public companies listed on the Muscat Securities Market.
Friday, March 14, 2014
Focus On: DUQM Special Economic Zone
In 2011, the Duqm Special Economic Zone (“SEZ”) was created pursuant to Royal Decree 119/2011. The aim of the SEZ is to contribute to the country’s GDP, to enhance the employment opportunities for Omanis and more importantly to boost the social and economic development of Wilayat Duqm. Since 2011, the SEZ continues to offer many opportunities for both Omanis and foreign investors.
Wednesday, March 12, 2014
Due Diligence - The Devil is in the Details
We continue our series of articles on acquisitions by looking at the topic of due diligence.
Monday, March 10, 2014
The Foreign Account Tax Compliance Act (March 2014)
FATCA stands for The Foreign Account Tax Compliance Act (“FATCA”) which was approved by the US Congress in March 2010. The law was scheduled to become effective from 1st January 2014, but the effective date has been postponed until 1st July 2014. This sweeping new law and its extraterritorial application is already influencing the behavior of Omani and other GCC banks and financial institutions and imposing structural, legal and commercial challenges on them to be compliant.
Thursday, March 6, 2014
Oman's Ratification of the UN Convention Against Corruption
The Sultanate of Oman recently ratified the UN Convention against Corruption (the “UN Convention”) and consequently issued Royal Decree 64/2013 as the endorsement of the UN Convention. The ratification is in furtherance of the Sultanate’s decision to develop coordinated anti-corruption policies.
Tuesday, February 25, 2014
Legal Updates - February 25, 2014
Royal Decree ratifying the Sultanate's joining the United Nations Convention against Corruption
In the attempt to prevent and eradicate corruption in the Sultanate of Oman, his Majesty the Sultan Qaboos bin Said has recently issued Royal Decree 64/2013 ratifying the Sultanate in joining the United Nations Convention Against Corruption (the “UNCAC”).
Tuesday, February 18, 2014
A Brief Overview of the Electronic Transactions Law in Oman
As a direct result of Oman’s enlarged presence in the global economy, it became essential for Oman to develop a reliable and controlled medium for transactions to be carried out through electronic means. Accordingly, in 2008, the legislature in Oman passed the Electronic Transactions Law (the “Law”), promulgated by Royal Decree 69/2008.
Wednesday, February 12, 2014
Non-Compete Clauses Under the Oman Civil Code
In today’s environment, we very often come across employment contracts with non-compete clauses as a mechanism to protect an employer’s business interests from unfair exploitation by former employees. Whilst non-compete covenants are acceptable in most Western jurisdictions, they have historically been regarded less enthusiastically by the Omani Courts and have not always been upheld.
Friday, February 7, 2014
Enforcement of Foreign Awards and Judgments in the Sultanate of Oman
As a matter of policy, the Omani government constantly aspires to develop and maintain strong relations with other countries, and such is reflected in its foreign policies. Accordingly, Oman has adopted several mechanisms for the enforceability in Oman of foreign court judgments (which are final and non-appealable) and arbitral awards.
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