For now, however, income from oil and gas sales accounts for around 70% of total revenue. As such, firming oil prices since 2017 have led to an improved fiscal scenario, and the 2018 budget anticipated that oil and gas revenue would increase by 9%. Oman’s efforts to expand non-oil activity will continue into 2019 through the Tanfeedh initiative and new policies, such as those developing the fram
Prior to 1971 the sharia courts had jurisdiction over all civil and criminal matters, as well as personal status affairs in the sultanate of Oman. However, following the succession of Sultan Qaboos bin Said Al Said, the judicial system was reformed and Sharia Courts now only govern matters related to family disputes and inheritance. The 1996 Basic Statute of the State reshaped and codified the legal…
Before 1971 the Sharia Courts had jurisdiction over all civil and criminal matters, as well as personal status matters in the sultanate of Oman. However, after the succession of Sultan Qaboos bin Said Al Said, the judicial system was reformed, and Sharia Courts now govern only those matters relating to family disputes and inheritance law. The 1996 Basic Statute of the State (promulgated by…
Viewpoint:Ben Ewing The recent steep decline in international oil prices led to a considerable budget deficit in Oman, pressuring the country into hastening its economic diversification plans. In July 2016 the National Programme for Enhancing Economic Diversification received approval by royal decree. The aim of this programme is to diversify the economy away from its heavy dependence on the…
If planning to establish business operations in Oman, foreign firms and individual investors may do so in one of the following forms: LIMITED LIABILITY COMPANY (LLC): Foreign companies and individuals are generally required to have an Omani partner who holds a minimum of 30% of shares in order to form an LLC. Minimum share capital of OR150,000 ($389,500) is required to register an LLC with…
This chapter contains an outline of the legal framework within which local and international firms operate in Oman, including a look at the work being done to improve it and a summary of the regulations governing key economic sectors. This chapter contains a viewpoint from Ben Ewing, Partner, CMS.…
Steps towards economic diversification have continued with a renewed focus and are being rolled out at pace. In late 2016 the government launched Tanfeedh, the National Programme for Enhancing Economic Diversification, as a core tenet of the country’s ninth-five-year plan. The programme aims to leverage Oman’s strategic location outside the Gulf to spur growth across five key sectors: manufact
The 1996 Basic Statute of the State (also referred to as the Basic Law) sets out the legal structure of Oman and the respective functions of the executive and the judiciary, as well as citizens’ personal liberties and public obligations. It provides that Oman’s basic principles include free market economics, cooperation between the public and private sectors, the protection of private property…
Increasing the number of Omani nationals working in the private sector, coupled with the need to increase foreign direct investment and thereby generate job opportunities for Omanis, have been twin debate points in the public and private sector business community in recent years. Relevant data published by the National Centre for Statistics and Information over the past five years has not been encouraging. Challenges The…
Viewpoint: Nick Simpson Oman’s five-year plans have emphasised the significance of diversification and privatisation. Recently, the government launched the Tanfeedh programme to achieve these goals, as documented in its ninth five-year plan. The Tanfeedh programme entails a review of the strategic sectors, which means identifying areas for improvement and enacting a plan. In addition to this, robust…
