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Mon 30 Dec 2019 11:27 AM

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Oman to implement new law aimed at attracting foreign investment

Investors in the Sultanate will receive 'incentives, privileges and guarantees'

Oman to implement new law aimed at attracting foreign investment

The law, which applies to expats in Oman and foreign nationals looking to invest in the country, is designed to provide an attractive investment environment in a hugely competitive market place.

Oman is set to implement its new Foreign Investment Law from Thursday (January 2).

The law, which applies to expats in Oman and foreign nationals looking to invest in the country, is designed to provide an attractive investment environment in a hugely competitive market place.

Ibrahim bin Said Al-Mamari, chief executive officer of the Investment Services Centre of the Ministry of Commerce and Industry, said: “The provisions of the new foreign capital investment law were applied on every non-Omani natural or legal person who sets up an investment project in the Sultanate, using his capital and assets for the project which is economically feasible for the country.”

According to a report by the Oman News Agency, those who choose to invest in the Sultanate will receive “incentives, privileges and guarantees”.

Al-Mamari said: “The Foreign Capital Investment Law allows the investor to establish a company in one of the permitted activities and own the entire capital of the company. There is no limit of the capital for the companies established under this law, provided the foreign investor adheres to the timetable submitted by him to implement his project and approved in accordance with the economic feasibility study.

“It does not allow any fundamental changes in the investment project without the ministry’s approval.”

He added: “The investment laws play an important role in attracting foreign investments. It helps in the flow of capital for establishment of companies to absorb the giant economic projects wanted by the Sultanate.

“It increases the level of efficiency of operating companies and helps in transfer of economic expertise and modern investment technologies. This leads to the diversification of the economic base and has positive impacts.”