Oman announces new Foreign Investment Capital Law
Oman has recently announced that the new Foreign Investment Capital Law (Decree No. 50/2019) will come into force with effect from 2 January 2020.
The new Foreign Capital Investment Law (the New Law) was published in the Official Gazette on 1 July 2019 (Sultani Decree No. 50/2019). As we noted previously, whilst the New Law indicates that there may be some interesting changes to the foreign investment regime, we have been awaiting the regulations associated with the New Law in order to fully understand what new opportunities the New Law will create.
Earlier this week the Oman government confirmed that the New Law will be implemented from 2 January 2020. The existing law (Decree No. 102/1994) which currently regulates foreign capital investment in Oman will continue to remain in force up until the date the New Law is implemented.
The executive regulations under the New Law have yet to be issued by the Ministry of Commerce & Industry so the impact of the New Law cannot be fully assessed but, indications are that it could provide new opportunities for investors.