Oman’s new investment law to attract more foreign capital, create jobs

Muscat: Amendments to new Oman’s Foreign Investment Capital Law are set to see the light soon, with more incentives lined up for investors, a senior government official has said.

The new law is expected to provide a conducive business environment to both local and foreign investors, in addition to creating new jobs, Hamad Al Mahrouqi, director-general of Planning and Follow Up at the Ministry of Commerce and Industry, said.

Al Mahrouqi was quoted by Oman News Agency as saying that the Ministry of Commerce and Industry had involved all supportive public and private sector organisations, such as advocacy and audit firms, in the consultation process.

His announcement comes on the heels of a seminar held on Monday by the Ministry of Commerce and Industry, in collaboration with the World Bank Group, to discuss the third draft of the Foreign Investment Capital Law in Oman.

Among the amendments is a clause dissolving the need for a minimum capital investment of 150,000 Omani riyals ($388,289 or Dh1.42 million).

According to the National Centre for Statistics and Information, foreign investment in Oman stood at 14 billion riyals in 2014.