MUSCAT: Minister of Housing Saif bin Mohammed al Shabibi has issued new regulations regarding the possession of land by companies for real estate development. As per the new regulations, effective from Sunday, plots of land coming under new regulations should be not be less than 5,000 square metres. Besides, real estate developers cannot promote/market their projects unless they have obtained required licences and permits from the authorities. Only companies fully owned by Omanis, GCC citizens and public shareholding companies in which Omani nationals possess at least 30 per cent of capital upon foundation and closed joint stock companies in which Omanis possess at least 30 pc of capital, will be allowed to possess lands. The real estate development purposes provided for by the decision are confined to the construction of residential, commercial, tourist, industrial projects. The decision bans commercial companies that are not fully owned by Omanis from possessing lands in the governorates of Musandam, Dhahirah, Buraimi, Dhofar, Liwa, Shinas, Duqm, Niyabat of Jabal Akhdar, Jabal Shams, lands and ancient neighbourhoods.
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