Legal Framework
From The Report: Oman 2017
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This chapter contains an overview of the legal framework in which local and foreign investors operate in the country, including a breakdown of the distinctions between conventional and Islamic banks, an outline of the employment regulations for both Omanis and foreigners, and a look at commercial and personal bankruptcy laws.

Articles from this Chapter

Overview

Letter of the law: Legislation governing companies in Oman
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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 (with expropriation only in cases provided for by law and against fair compensation) and taxation in…

Analysis

Making it work: The Omanisation process has been met with mixed results
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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 more recent oil price shock and the attendant lack of liquidity in the economy…

Viewpoint

Robust change: Nick Simpson, Co-Managing Partner, Dentons, on changes to the financial market
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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 legislative reforms have been instituted to achieve the privatisation objective. The enactment…