Muscat: The Minister of Housing and Urban Planning has issued decision 45/2021 regarding ownership of land and real estate by companies.
Companies owned by citizens and those fully-owned by GCC nationals are allowed to own land and real estate to operate an authorized activity by following certain legislations and rules," the decision said.
Article 1 states that companies owned by Omanis and those owned by citizens of the GCC states can own the land and real estate necessary to carry out the activity licensed for purchase, in accordance with the legislation in force, some regulations.
The investor can own the land and real estate necessary to carry out the activities of the company licensed in the Commercial Registry.
Companies can own land and real estate in an area commensurate with the actual needs of the activities licensed in the commercial registry.
Companies' ownership of land and real estate be limited to purchase for residential, commercial, commercial, industrial, and tourism purposes.
For companies to exploit more than fifty percent (50%) of the area of land and real estate to practice activities registered in the commercial registry, they may rent or sell what exceeds their actual needs, with the exception of real estate owned for tourism purposes and integrated commercial complexes.
Article 2 states that the decision prohibits the acceptance of applications for ownership in the places of prohibition stipulated in the Royal Decree 29/2018.
It may be noted that the decision is based on the Land Law promulgated by Royal Decree /80, the Land Registry System issued by Royal Decree /98, and the law prohibiting non-Omani ownership of lands and real estate located in some places issued by Royal Decree 29/2018 that regulates corporate ownership of the real estate.