The Omani Government has recently showcased an increasing interest in the development and support of Small and Medium Enterprises (“SME”). The initiative is in compliance with His Majesty’s directive to support and develop SME as “the future engines for the growth of Oman’s economy”. A new Royal Decree was issued on the 31st of May 2013 setting up a separate entity in charge of SME - the Public Authority for Small and Medium Enterprises.
Wednesday, July 31, 2013
The Public Authority for Small and Medium Enterprises: The Future Engines for the Growth of Oman's Economy
Tuesday, July 23, 2013
Insurance Contracts Under Oman Law - No Payment, No Cover?
Previous posts have dealt with the relevant regulations relating to the conduct of insurance business in the Sultanate of Oman.
The terms of the actual contracts of insurance entered into require specific consideration, particularly with regard to liability in circumstances of non-performance of those terms and subsequent termination.
Wednesday, July 17, 2013
Important Updates - Civil Transactions Law
On the 6th of May 2013, RD 29/2013 promulgated the Civil Transactions Law (the ”Civil Code”), which now governs almost every aspect of Omani day-to-day transactions. The Civil Code is the base plate of Omani Civil Law and its provisions will apply both where there is no specific law to the contrary, and where specific legislation is silent on the matter in question. However, where the Civil Code does not cover certain matters, the Omani courts are directed to apply the rules and principles of Islamic Jurisprudence (Fiqh) in their judgments.
Friday, July 12, 2013
The Courts of the Dubai International Financial Centre (The DIFC Courts) - Jurisdiction and Relevance of the Dispute Resolution in the Wider Middle East Region
Article 5 of Law No. 12 of 2004 on the Judicial Authority of the DIFC Courts was amended in October 2011 by Dubai Law No. 16 of 2011, which means that parties from anywhere in the world now have the choice to ‘opt in’ to the DIFC Court’s jurisdiction for resolution of disputes in commercial and civil matters.
Wednesday, July 10, 2013
Free Zones in Oman - An Overview
As the free zones/special economic zones in Oman continue to grow and attract foreign as well as local investors, we thought of doing an overview of the free zones – their incentives and limitations.
Monday, July 8, 2013
Internal Auditors - Role and Functions
The Commercial Companies Law makes it mandatory for various forms of companies to have auditors. While the appointment of an external auditor is mandated in respect of a limited liability company if the company has ten or more partners or a capital of over OMR 50,000 or if the partners representing at least one-fifth of the capital require it, joint stock companies are generally required to have both external and internal auditors.
Thursday, June 27, 2013
The Executive Regulations of the State Audit Law - An Analysis
The State Financial and Administrative Audit Institution (the “Institution”) in the Sultanate of Oman is an independent entity reporting directly to His Majesty the Sultan. It is a governmental institution and has the very critical job of supervising financial and administrative funds belonging to or managed by the State. It is also responsible for protecting public funds, properties and interests by virtue of the State’s Financial and Administrative Audit Institution Law promulgated by RD 111/2011 (the “State Audit Law”) and RD 112/2011 issuing the law on Safeguarding of Public Property and Preventing of Conflict of Interest (the “Law on Public Funds”).
In keeping with the State Audit Law and the Law on Public Funds, the Institution has now issued a Ministerial Decision on 3 April 2013 introducing the new State Audit Executive Regulations (the “Regulations”).
Monday, June 24, 2013
Construction Contracts - Avoiding Common Pitfalls
Over the past decade, our Muscat-based Construction Dispute Resolution Team has advised on numerous disputes between parties to construction contracts. On review of the reasons for why construction contracts ended in dispute, we have identified a number of common themes, and how to avoid these problems.
It is often simple in retrospect (and outside of the pressure to meet project milestones/manage workforce) to identify where problems in a construction project arose. The challenge to running an efficient and financially successful project is to identify the risks at the outset, and put robust procedures in place to avoid potential problems arising. Although some of the recommendations set out below may seem obvious and straightforward, it is telling that, in many of the construction disputes that have crossed our desks, these issues were routinely neglected or poorly executed.
Thursday, June 13, 2013
Important Legal Updates this Month
Omanisation in Insurance Private Sector
Ministerial Decision No. 192/2013 issued by the Ministry of Manpower specifies that the Omanisation percentage in the insurance private sector shall be 65% of the total manpower of the establishment. The Decision is effective from the date following its publication in the Official Gazette.
Amendment to Provisions regulating Collective Negotiation, Peaceful Strike and Shutdown
Ministerial Decision No. 189/2013 issued by the Ministry of Manpower amends some of the provisions regulating collective negotiation, peaceful strike and shutdown. The Decision stipulates setting up of a Committee to facilitate the negotiation procedures. It also provides timelines for settlement of collective labor disputes by the Committee.
Executive Regulations of State Audit Law
Executive Regulations to the State Audit Law (promulgated by Royal Decree No. 111/2011) are issued under Decision No. 13/2013 by the State Audit Institution (“SAI”). The Executive Regulations detail the functions of the SAI, its powers, responsibilities and the rules of enforcement.
Tuesday, June 11, 2013
Related Parties and Approval of Related Party Transactions
CMA Circular 14 of 2012 made changes to the definition of an “independent director” and also led to amendments to the definition of a “related party”.
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