Muscat: A new law on foreign capital investment will come into force on Thursday (January 2), said Muscat Daily.
The Ministry of Commerce and Industry (MoCI) will implement the new legislation aimed at promoting an attractive environment and creating adequate conditions for wooing foreign investors.
The Omani authorities passed the new law given the increasing competition among various countries to attract investments.
The law stipulates a package of incentives, privileges and guarantees to help stabilise foreign investments in Oman.
The provisions of the new law will be applicable on every non-Omani natural or legal person who sets up an investment project in the sultanate, using his capital and assets for the project which is economically feasible for the country.
The law allows the investor to establish a company in one of the permitted activities and own the entire capital of the company.
The authorities pin hopes on the new law to help boost the flow of capital for the establishment of companies to execute big projects in Oman, improve the level of efficiency of operating companies and transfer of economic expertise and modern investment technologies and lead to the diversification of the economy.
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