Royal Decree 50/2019 Promulgating the Foreign Capital Investment Law

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 Commercial Agencies Law promulgated by Royal Decree 26/77,

the Law on Expropriation for Public Benefit promulgated by Royal Decree 64/78,

the Law on the Regulation and Promotion of Industry promulgated by Royal Decree 1/79,

the Land Law promulgated by Royal Decree 5/80,

Royal Decree 5/81 Governing the Governing Usufruct of the Lands of the Sultanate for Foreigners and Companies,

the Commercial Law promulgated by Royal Decree 55/90,

Royal Decree 57/93 Promulgating the Provisions Governing Gulf Investment,

the Foreign Capital Investment Law promulgated by Royal Decree 102/94,

the Financial Law promulgated by Royal Decree 47/98,

Royal Decree 67/2003 Applying the Unified Customs Law of the Cooperation Council for the Arab States of the Gulf,

the Law (Statute) of the Standard Industrial Organisation of the Gulf Cooperation Council for the Arab States of the Gulf promulgated by Royal Decree 61/2008,

the Income Tax Law promulgated by Royal Decree 28/2009,

the System of the Public Authority for Investment Promotion and Export Development promulgated by Royal Decree 35/2012,

Royal Decree 11/2017 Determining the Competences of the Ministry of Commerce and Industry and Approving its Organisational Structure,

and the Commercial Companies Law promulgated by Royal Decree 18/2019,

and after presentation to Majlis Oman,

and in pursuance of public interest,

have decreed as follows

Article I

The attached Foreign Capital Investment Law shall apply.

Article II

The Minister of Commerce and Industry shall issue the executive regulation of the attached law within a period not exceeding 6 (six) months from the date of its entry into force, and shall also issue the necessary decisions for the implementation of its provisions, and until they are issued, the decisions in force shall continue to operate to the degree that they do not contradict with its provisions.

Article III

The benefits, incentives, and guarantees granted to investment projects existing at the time of entry into force of the attached law shall continue until their terms expire, in accordance with the laws and agreements derived from them.

Article IV

The Foreign Capital Investment Law promulgated by Royal Decree 102/94 is hereby repealed, as well as every provision contrary to the attached law or in conflict with its provisions.

Article V

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

Issued on: 27 Shawwal 1440
Corresponding to: 1 July 2019 

Qaboos bin Said
Sultan of Oman

Published in Official Gazette 1300 issued on 7 July 2019.