Royal Decree

Royal Decree 84/2023 Restructuring Oman Development Bank SAOC

2023/84 84/2023


We, Haitham bin Tarik, the Sultan of Oman

after perusal of the Basic Statute of the State,

the Commercial Register Law promulgated by Royal Decree 3/74,

Royal Decree 33/74 regarding Companies Established by Royal Decree,

Royal Decree 18/97 Establishing an Omani Closed Joint Stock Company Named Oman Development Bank,

the Banking Law promulgated by Royal Decree 114/2000,

the Civil and Commercial Procedures Law promulgated by Royal Decree 29/2002,

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

and in pursuance of public interest,

have decreed as follows

Article I

The name of “Oman Development Bank SAOC” is hereby amended to “Development Bank SAOC”, and the provisions of the attached system shall apply in regard to it.

Article II

Development Bank SAOC shall prepare its articles of association in accordance with the provisions of the aforementioned Commercial Companies Law.

Article III

The provisions of this decree and the attached system do not prejudice the rights and obligations arising before the date of its entry into force.

Article IV

The Minister of Finance shall issue the executive regulation of the attached system and the decisions necessary for its implementation. Until they are issued, the existing regulations and decisions continue to operate to the degree that they do not contradict with the provisions of this decree and the attached system.

Article V

All that is contrary to this decree and the attached system, or in conflict with their provisions, is hereby repealed.

Article VI

This decree shall be published in the Official Gazette, and comes into force on the day following the date of its publication.

Issued on: 6 Jumada Al-Awwal 1445
Corresponding to: 20 November 2023

Haitham bin Tarik
Sultan of Oman

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