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New laws to boost investment climate in Oman
Published: 19.08.2019 | Dubai, United Arab Emirates
MUSCAT - H E Dr Ali bin Masoud bin Ali al Sunaidy, Minister of Commerce and Industry and Deputy Chairman of the Supreme Council for Planning
The new Foreign Capital Investment Law will open new avenues for investment in the sultanate.
This law will be complemented by the Law on Partnership Between Public and Private Sectors and setting up of the Public Authority for Privatisation and Partnership.
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The Bankruptcy Law will help companies that are experiencing difficulties for reasons beyond their control to exit in accordance with specific conditions and regulations.
The private sector should adjust according to the new Bankruptcy Law as per the current terms and practices used by finance companies to facilitate the new law to be more effective.

He added that this package of laws aim to promote joint investments between the public and private sectors.
It offers opportunities for innovative financing to alleviate the pressure on the state budget, especially in self-financing projects as per internationally accepted practices within a general institutional framework.

Local and foreign private sector firms need to take advantage of the improvements introduced by the laws at this important stage of the preparation of the tenth five-year plan. It is hoped that these laws will contribute in raising the sultanate’s classification in international indicators in ease of doing business.

H E Darwish bin Ismail bin Ali Al Balushi, Minister Responsible for Financial Affairs

Privatisation and partnership are an economic necessity and a priority for achieving the future vision of the Omani economy. The government has paid much attention to the private sector and has been the focus of its attention since the dawn of the Blessed Renaissance.

The establishment of the Public Authority for Privatisation and Partnership is a step forward to allow the private sector to be competitive, improve operational efficiency and provide financing needs and encourage foreign investments and attract technical expertise.

H E Yahya al Jabri, Chairman of the Board of Directors of Ithraa and Chairman of the Board of Directors of Special Economic Zone Authority in Duqm

The Royal Decrees are part of the government’s efforts to keep abreast of the changes and requirements required at this stage in accordance with the directives of His Majesty Sultan Qaboos bin Said to support the investment environment.

The laws issued will directly contribute to the development of the legislative system for investment and improvement of the business environment.
They will have a positive impact in facilitating businesses in the sultanate and stimulate foreign investment climate.

These laws will enhance the competitiveness of the sultanate in different economic sectors.

This legislation is one of the most important initiatives to achieve sustainable economic development.

 
Source: Muscat Daily Back to News