(MENAFN- Muscat Daily) Muscat -
His Majesty Sultan Qaboos bin Said on Monday issued five Royal Decrees as follows:
Royal Decree 50/2019 promulgates the Foreign Capital Investment Law after it had been presented before the Council of Oman.
Article 1
stipulates that the Foreign Capital Investment Law attached to this Decree will be enforced.
Article 2
states that the Minister of Commerce and Industry will issue, within six months, the executive regulation of the law attached to this Decree, as well as the decisions necessary for the implementation of its provisions. Till then, the current decisions will continue to be implemented without prejudice to the provisions of the (new) law.
Article 3
stipulates that the privileges, incentives and assurances granted for investment projects, that are existing when the attached law is enforced, will continue to be executed until the expiry of their respective durations, and this should go in line with the laws and agreements from which they stem.
Article 4
cancels the Foreign Investment Law promulgated under Royal Decree 102/94, as well as all that contradicts the attached law or contravenes its provisions.
Article 5
says that this Decree will be published in the official gazette and enforced after six months from its publication date.
Royal Decree 51/2019 promulgates the Privatisation Law after it had been presented before the Council of Oman.
Article 1
states that the Privatisation Law attached to this Decree will be enforced.
Article 2
instructs the Chairman of the Board of Directors of the Public Authority for Privatisation and Partnership to issue the executive regulation of the attached law within a period not less than one year from its date of implementation. The board will also issue the decisions necessary for the execution of the attached law's provisions. Till then, the existing regulations and decisions will continue to be enforced without prejudice to its provisions.
Article 3
cancels the Privatisation Law issued under Royal Decree 77/2004, as well as all that contradicts the attached law or contravenes its provisions.
Article 4
says that this Decree will be published in the official gazette and enforced with effect from the day following its publication date.
Royal Decree 52/2019 promulgates the Law on Partnership Between Public and Private Sectors after it had been presented before the Council of Oman.
Article 1
states that the Law on Partnership Between Public and Private Sectors attached to this Decree will be enforced.
Article 2
instructs the Chairman of the Board of Directors of the Public Authority for Privatisation and Partnership to issue the executive regulation of the attached law within a period of one year from its date of enforcement, as well as the decisions necessary for the implementation of its provisions.
Article 3
cancels all that contradicts the attached law or contravenes its provisions.
Article 4
says that this Decree will be published in the official gazette and enforced with effect from the day following its publication date.
Royal Decree 53/2019
promulgates the Bankruptcy Law after it had been presented before the Council of Oman.
Article 1
stipulates that the Bankruptcy Law attached to this Decree will be enforced.
Article 2
states that the Minister of Commerce and Industry will issue the regulations and decisions necessary for the implementation of the attached law after coordinating with the specialised departments.
Article 3
cancels Book Five of the Trade Law, as well as all that contradicts the attached law or contravenes its provisions.
Article 4
says that this Decree will be published in the official gazette and enforced after the passing of one year from its publication date.
Royal Decree 54/2019 establishes the Public Authority for Privatisation and Partnership and its system (law).
Article 1
states that an institution to be known as the Public Authority for Privatisation and Partnership will be established, that it will report to the Council of Ministers and that it will be governed by the provisions of the system (law) attached to this Decree.
Article 2
stipulates that the Privatisation and Partnership Authority will have a legal identity and that it will enjoy financial and administrative autonomy.
Article 3
transfers to the Public Authority for Privatisation and Partnership all the assets and allocations associated with 'Oman Authority of Partnership for Development', the Department of Privatisation at the Directorate General for Investments - Ministry of Finance - and all employees of the two above-mentioned parties, along with their grades and financial allocations.
Article 4
instructs the Chairman of Board of Directors of the Public Authority for Privatisation and Partnership to issue the regulations and decisions necessary for the implementation of the provisions of the system attached to this Decree.
Article 5
cancels Royal Decree 9/2014 on the establishment of 'Oman Authority of Partnership for Development', as well as all that contradicts this Decree or the attached system or contravenes their provisions.
Article 6
says that this Decree will be published in the official gazette and enforced with effect from its date of issue.
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