We, Qaboos bin Said, the Sultan of Oman
after perusal of the Basic Statute of the State issued by Royal Decree 101/96,
Royal Decree 18/97 Establishing an Omani Closed Joint Stock Company Named “Oman Development Bank”,
and in pursuance of public interest,
have decreed as follows
Article I
A new article numbered 36 is hereby added to the annex attached to the mentioned Royal Decree 18/97 with the following text:
Article 36
Loan contracts signed in accordance with the provisions of Royal Decree 40/87 or chapter three of Royal Decree 17/97 shall continue in the event that the percentage of non-Omani ownership in the capital of the borrowing project exceeds the maximum limit stipulated in these two decrees during the period of validity of the loan and not exceeding 70% of the capital, with the approval of the Council of Ministers, based on the proposal of the Minister of National Economy supervising the Ministry of Finance.
Article II
All that is contrary to this decree, or in conflict with its provisions, is hereby repealed.
Article III
This decree must be published in the Official Gazette, and comes into force on the day following the date of its publication.
Issued on: 20 Ramadan 1429
Corresponding to: 21 September 2008
Qaboos bin Said
Sultan of Oman
Published in Official Gazette 872 issued on 6 October 2008.