Category: Ministerial Decision

Arabic

Based on the Commercial Law promulgated by Royal Decree 55/90,

and the letter of the Oman Chamber of Commerce and Industry,

and in pursuance of public interest,

it is hereby decided

Article I

The return for obtaining a commercial loan or debt is hereby determined at a rate of 6% (six percent), unless a lesser rate is agreed. The Minister of Commerce, Industry, and Investment Promotion may—in each case separately—agree with the Oman Chamber of Commerce and Industry to exceed this percentage, in the event that the term of the loan is long, its purpose relates to projects that contribute to achieving economic development, or the degree of risk is high.

Article II

The provisions of article I of this decision do not apply to loans provided by banks, financing companies, and companies for leasing assets licensed by the Central Bank of Oman.

Article III

This decision shall be published in the Official Gazette, and is applicable for one year from the date of its publication.

Issued on: 28 Sha’ban 1443
Corresponding to: 31 March 2022

Qais bin Mohammed bin Moosa Al-Yousuf
Minister of Commerce, Industry, and Investment Promotion

Published in Official Gazette 1437 issued on 10 April 2022.

Arabic

Based on the Foreign Capital Investment Law promulgated by Royal Decree 50/2019,

and the Executive Regulation of the Foreign Capital Investment Law issued by Ministerial Decision 72/2020,

and in pursuance of public interest,

it is hereby decided

Article I

The texts of articles 5 and 7 of the Executive Regulation of the Foreign Capital Investment Law are hereby replaced with the following texts:

Article 5

The ministry may license individuals, establishments, and companies from inside or outside the Sultanate of Oman to market investment opportunities, attract investors, and encourage them to invest in the Sultanate of Oman, in accordance with the rules specified by a decision by the minister.

Article 7

The foreign investor or his representative may entrust an office licensed by the ministry with examining the investment licence application and the applications for obtaining the approvals, permits, or licences necessary to establish the investment project to verify the extent to which they meet all the conditions and requirements prescribed by law for their issuance. A certificate of this effect shall be issued by the office and shall be valid and acceptable before the centre for a period of 6 (six) months from the date of its issuance, and the centre has the right to object to the content of this certificate, within 10 (ten) days from the date of its submission, and the objection must be reasoned.

These offices may submit the aforementioned applications to the centre on behalf of the investor, and follow up on their completion.

A decision by the minister shall specify the conditions and procedures for licensing the offices for the approval of these applications and their mechanism of work; determining their obligations, and in particular, the obligations relating to exercising due diligence in practising their work; verifying the accuracy and correctness of the data, information, and documents submitted to the centre; completing the examination of applications in a timely manner; and maintaining the confidentiality of the data, information, and documents relating to them.

Article II

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

Issued on: 24 Sha’ban 1443
Corresponding to: 27 March 2022

Qais bin Mohammed bin Moosa Al-Yousef
Minister of Commerce, Industry, and Investment Promotion

Published in Official Gazette 1436 issued on 3 April 2022.