Royal Decree 30/2018 Promulgating the System of Escrow Account for Real Estate Development Projects

Arabic

We, Qaboos bin Said, the Sultan of Oman

after perusal of the Basic Statute of the State promulgated by Royal Decree 101/96,

the Land Law promulgated by Royal Decree 5/80,

the System for Apartments and Floors Ownership promulgated by Royal Decree 48/89,

the System of the Real Estate Register promulgated by Royal Decree 2/98,

the Banking Law promulgated by Royal Decree 114/2000,

and the System of Ownership of Real Estate by Non-Omanis in Integrated Tourism Complexes promulgated by Royal Decree 12/2006,

and in pursuance of public interest,

have decreed as follows

Article I

The provisions of the attached System of Escrow Account for Real Estate Development Projects shall apply.

Article II

The Minister of Housing—after coordination with the Ministry of Tourism and the Central Bank of Oman—shall issue the regulation and decisions necessary for the implementation of the provisions of this system.

Article III

This decree shall be published in the Official Gazette, and comes into force after 6 (six) months from the date of its publication.

Issued on: 3 Rabi Al-Awwal 1440
Corresponding to: 11 November 2018

Qaboos bin Said
Sultan of Oman

Published in Official Gazette 1268 issued on 18 November 2018.