MUSCAT: The Majlis Ash’shura on Wednesday ratified the draft Mining Law after a thorough discussion, after which the council members voted on 74 articles of the law.
Majlis Ash’shura held its 17th ordinary session of the third annual sitting under the chairmanship of Shaikh Khalid bin Hilal al Maawali, Chairman.
Dr Salih bin Said Masan, Chairman of the Economic and Financial Committee, reviewed the draft law before the council.
The council recommended raising the mining sector’s contribution to GDP from one per cent to three per cent, underscoring the importance of encouraging local companies to invest in the sector in order to boost the national economy.
The council discussed a report based on a study conducted by the Economic and Financial Committee regarding the state and performance of the government companies.
The study was aimed at assessing the performance of public companies and challenges facing them and their role in supporting the national economy.
It evaluated the criteria for assessing public companies, financial data as well as the government subsidy for years 2012-2015.
The studying included Haya Water, Oman Oil Company, Omran and Orpic.
The discussion on the study was deferred to the next session in order to give members more time for a detailed review of the study. — ONA
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