12% GDP growth is what Oman posted in 2018, bucking the global trend of decelerating growth and economic growth.
In addition, there are some intense efforts being taken by the government, apart from Tanfeedh, top diversify the economy and promote trade and investment.
Today, we look at the new laws that are bound to make Oman business-friendly.
Foreign investors who plan on investing in Oman can now just heave a sigh of relief. In order to promote the Sultanate’s position as an investment destination capable of attracting foreign capital, this law removes or minimizes red tape and streamlines procedures and permits necessary to start foreign investment within the Sultanate.
For instance, foreign investors will no longer be required to have local Omani partners.
The law will also offer advantages and incentives to attract foreign investment and grant the foreign investor the necessary guarantees for its investment project.
As the name suggests, the law encourages Omani businesses to work in partnership with the government. Basically, they want to push private sector firms to invest in infrastructure projects and public services, improve the quality of public services, and reduce their establishment and operation costs.
The law also details the procedures for launching and awarding public-private partnership projects; the requirements for studying and evaluating these projects; the conditions for the establishment of public-private partnerships to manage partnership projects; and general provisions relating to regulation, supervision and grievances.
Through this law, the government hopes to move a part of the Omani economy from public to private and will expand the role of sultanate’s private sector in ownership and management.
It also aims to raise resource management efficiency, improve services and create high-quality job opportunities, to develop the capital market.
This law is great as it helps distressed businesses to revive and resume their economic activity. How? It will set a pre-preventive composition stage called “Restructuring” through which the concerned parties cooperate with distressed businesspeople to support them to re-structure their business as well as encourage investment and entrepreneurship.
A legislative and legal framework that enables businesspeople to overcome the debt stage will be created with provisions on bankruptcy set out based on the rights of the bankruptee, creditors and the public interest.
(Source: Arabianbusiness.com YouTube channel)