Muscat: Foreign Direct Investment Law is expected to be ratified and come into force this year, said The Implementation Support and Follow-Up Unit (ISFU) in its annual report.
The aim of the Foreign Direct Investment Law is to regulate and encourage investments and protect the rights of investors. The objective of the initiative is to revise the law in order to allow for 100 per cent foreign ownership and provide investors an open market in Oman, said the report.
“The removal of a minimum capital requirement was another measure suggested to attract foreign investment to the Sultanate. Challenges, issues and potential solutions were identified as first steps to drafting the new law,” ISFU said.
The draft of the Foreign Direct Investment Law has been agreed upon by the main stakeholders, which include the Majlis’ A Shura, State Council, Royal Oman Police (ROP), Invest Easy, Ithraa and the Ministry of Legal Affairs.
The report said the main challenge in having the law issued was that it involved lengthy consultations with relevant stakeholders. /