Oman bans foreign investment in some areas
MUSCAT, December 13, 2020
Oman's Ministry of Commerce, Industry and Investment Promotion (MOCIIP) has decided to ban foreign investment in some activities and the new law will come into effect tomorrow (Dec 14), a report said.
As part of the efforts to protect the small Omani businesses and also traditional products related to national identity, the MOCIIP has issued the decision, which specifies the list of activities in which foreign investment is prohibited, said an Oman Observer report.
As per the decision based on the Foreign Capital Investment Law, the business will be limited to Omani investors.
Some of the activities operating within the tourism sector have been exempted from the prohibition, the report said.
It may be noted that to provide an attractive investment environment for investors, the Gulf investors will be treated as an Omani investor in practicing economic activities in the Sultanate, taking into account the economic agreement in force between GCC countries, it said.
“In line with the priority given by the government to empower small and medium enterprises, the Omani investor can invest in all activities in which foreign investment is prohibited, and this list will also be updated according to the circumstances of each stage to keep pace with economic developments,” the decision said.
