Oman set to introduce new foreign investment law

Muscat: Oman will implement its new Foreign Investment Law from today(Jaunary 2), according to a statement issued by the Ministry of Commerce and Industry (MoCI).
“Simplifying the procedures and permits necessary to start foreign investment inside the Sultanate and attracting foreign investment by giving advantages and incentives,” the MoCI said. “Likewise, by expanding the investment sectors of the foreign investor to include strategic projects that contribute to achieving development in the activities of public utilities and infrastructure. The investment from foreign money is strengthened by granting the foreign investor guarantees for his investment projects, and strengthening the legislative environment that regulates business practices to attract investments.”
Oman News Agency also said in a statement yesterday: “The Ministry of Commerce and Industry will begin receiving applications for the registration of institutions and companies subject to the Foreign Capital Investment Law on Thursday, which will have an important role in attracting foreign investment and capital flows within the Sultanate.”