Economic panel discusses Draft Commercial Companies Law

MUSCAT: The Economic Committee of the State Council on Monday discussed the Draft Commercial Companies Law, forwarded by Majlis Ash’shura. The meeting was chaired by the Shaikh Mohammed bin Abdullah al Harthi, Head of the Committee, in the presence of members of the Committee and the Secretariat staff.
It is worth noting that the government attaches great importance to commercial companies as the mainstay of the national economy. The commercial companies in the Sultanate have witnessed remarkable developments in terms of growth in numbers and capital. The draft new law for companies seeks to make amendments in many provisions of the current Commercial Companies Law No (4/74), as significant time has passed since their issue and the current scenario requires the development of a new law to keep pace with local and global developments.
The meeting also approved the minutes of the previous meeting of the Committee and follow-up of the decisions taken thereon, reviewed the latest developments, and took the necessary measures.