MUSCAT: The Ministry of Housing and Urban Planning issued a ministerial decision on the possession of lands and properties by companies.
The ministerial decision states that national companies and those that are wholly possessed by citizens of the GCC countries, are permitted to own, by means of buying, lands and properties necessary for practicing licensed activities in accordance with the laws and regulations in force.
The decision stipulates that companies should own lands and properties for practicing the activities listed in the commercial register. Besides, the lands or properties should be in proportion to the actual needs of the licensed activities.
As per the decision, the lands and properties possessed by means of purchase should be restricted to the residential, commercial, industrial and tourism purposes.
The decision says that the companies should exploit more than 50 per cent of the total space of the land or property for practicing the licensed activities. However, companies may also sell or lease out the part of land or property that exceeds their actual need with the exception of the properties possessed for tourism purposes and integrated commercial complexes.
The decision bans the possession of lands or properties for companies that are not wholly owned by Omani nationals and the properties located in the restricted areas set forth by Royal Decree 29/2018.
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