Oman's HM Sultan Qaboos bin Said issues PPP, bankruptcy laws
Four Royal Decrees issued approving laws governing PPPs, privatisation, foreign capital investment, and bankruptcy
HM Sultan Qaboos Bin Said has issued Royal Decrees approving new laws for public private partnerships (PPP), privatisation, foreign capital investment, and bankruptcy in Oman.
Details of the new laws were announced in a statement issued by the sultanate’s Government Communication Centre (GCC) alongside the Ministry of Finance, Oman's Ministry of Commerce and Industry, and the Public Authority for Investment Promotion and Export Development (Ithraa).
Under the Royal Decree 50/2019 for the Foreign Capital Investment law, all procedures and permits required for foreign investments in Oman will be approved through the Investments Services Centre of the Ministry of Commerce and Industry.
Additionally, land for investment projects will be allotted for long-term leases or usufruct agreements, effectively bypassing the provisions of Royal Decree 5/81, regulating usufruct deals as part of land laws in Oman.
Royal Decree 51/2019 pertains to the Privatisation Law, and will see government policies implemented to improve ownership and management roles for the private sector in various economic activities in the Gulf nation.
PPPs will be regulated through the law formed by Royal Decree 52/2019, with the aim of encouraging the private sector to invest in various infrastructure and public services projects in the country.
Royal Decree 53/2019 was also issued for the sultanate's bankruptcy regulations, which will protect all the parties involved if an Omani company files for insolvency.
Commenting on the developments, GCC stated in its statement: “The Royal Decrees are part of the government’s efforts to promote the competitiveness of the national economy globally.
“Furthermore, these laws reflect the government’s desire for the private sector to play a role in Oman’s development and create better job opportunities for the national workforce.”