Oman: Central Bank Joins Gulf Payments System “Aafaq”

Al-Bayan, 2 June 2024: Oman’s Central Bank has announced that it is joining the Gulf Payments System ‘Afaq’.

Afaq is operated by the Gulf Payments Company owned by the central banks of the GCC countries for cross-border transfers in local Gulf currencies.

This comes within the framework of the bank’s efforts towards developing cross-border payment systems and adopting the latest technologies in this field in a way that improves efficiency and speed and contributes to reducing costs.

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Oman: Company Transformation Incentives

Shabiba, 28 May 2024: The Sultan has issued directives on an incentive programme which would provide a number of benefits designed to encourage companies which wished to convert to public joint-stock companies and list on the capital markets

This would see the establishment of a sub-market in the Muscat Securities Market called the “Promising Companies Market” which would target private, family-owned, small, medium and start-up companies. There would also be an initiative for limited liability companies that wished to convert into closed joint-stock companies by offering a package of incentives.

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Oman: Regulations Amended to Support Liquidity Fund

Shabiba, 16 May 2024: The Muscat Stock Exchange has celebrated by ringing the bell for the inauguration of a “Liquidity Development Fund”.

The fund aims to improve the liquidity of shares of companies listed on the stock exchange.

The launch of the fund aligns with the ongoing developments in the Omani capital markets, which include the announcement of several new IPOs and the introduction of regulations governing market-making operations.

The Muscat Stock Exchange is intensifying its marketing efforts with regional campaigns and incentive initiatives.

This involves making significant changes to certain regulatory requirements for capital markets, especially regarding taxes on distributed profits. For the full story, click here.

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Oman: Draft Media Law Discussed With Information Ministry

The State Council, in collaboration with the Information Ministry, has discussed the draft version of the new media law.

The draft media law aims to include updates and recent developments since the last issuance of media regulations.

It is designed to serve as comprehensive legislation governing the media sector in Oman.

Discussions have also included, the potential impact of the draft law on the media industry, its role in improving Oman’s international ranking in terms of freedom of expression, and the regulation of procedures for licensing media-related activities.

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Oman: Amendments to Oman Sultani Decree No. 30/2008

Roya, 2 May 2024: The National Committee for Family Affairs has approved amendments to Oman Sultani Decree No. 30/2008 the law on juvenile accountability, along with amending some provisions agreed upon by the participating parties.

The committee has also addressed matters on educational disruptions and approved the social responsibility program of the Omani Football Association, particularly in regard to child protection.

Additionally, it has reviewed programs offered to families and children by the Culture, Sports, and Youth Ministry for the upcoming summer period.

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Oman: Consumer Regulator Launches Inspection Drive

Oman Observer, 25 April 2024: The Omani Consumer Protection Authority (CPA) has launched an inspection campaign in the Governorate of Muscat.

This campaign involves using electronic technical connections being used by field inspection teams, and surprise visits to different sectors, such as vehicle repair workshops, those providing spare parts, vehicle oils and tires, and air filters. In addition, the aluminum sector, blacksmiths, carpenters, kitchens, the electrical and electronic appliances sector, building materials sectors, restaurants, cafes, and meat shops will also be targeted.

The campaign aims to ensure that commercial centres and shops are comply with the Consumer Protection Law Oman Sultani Decree No. 66/2014, and aims to reduce the number of complaints and save time and effort for all parties involved.

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Oman: New Real Estate Framework Plans

Oman Observer, 13 April 2024: Omani Ministry of Housing and Urban Planning will implement eight initiatives and prepare laws and regulations which will regulate real estate and related activities in Oman.

The Ministry aims to unify regulations on real estate development, brokerage, evaluation, owners’ associations, and escrow accounts under a single legal system which would be entitled Real Estate Regulatory Law in Oman.

The most significant of these initiatives is the regulation of the real estate valuation sector. Controls and standards have been established to regulate real estate valuation companies and offices in Oman. These companies have been classified, and highly qualified real estate appraisers have been put in place to organise and control the real estate market. The aim is to conduct fair and accurate valuation of land and properties. In addition, a draft regulation has also been prepared with the help of relevant authorities.

The initiative on governance of real estate brokers aims to regulate real estate broker companies and reduce unlicensed real estate agencies. The proposed draft is expected to be submitted to the Justice and Legal Affairs Ministry by the end of 2024.

The Ministry is also working on the final draft of regulations on the Real Estate Registry Law. This initiative aims to regulate real estate registry and keep up with digital transformation of transactions. It will set controls and conditions for regulating real estate registry in line with the Land Registry Law in Oman.

In addition, the ministry will finalise regulations on the expropriation law for public benefit and review the executive regulations so they align with the next phase. The aim is to issue regulations on the expropriation law for the public interest within the course of 2024.

There are also plans to introduce an integrated Urban Planning Law, and executive regulations. .

The ministry also intends to prepare a Housing Law and executive regulations. This aim is to unify laws on to social housing and land usage in Oman under a unified framework, which can adapt to future changes.

The Ministry aims to unify regulations on real estate development, brokerage, evaluation, owners’ associations, and escrow accounts under a single legal system which would be entitled Real Estate Regulatory Law in Oman.

The Ministry will also be conducting a study into the governance of foreigners’ ownership of usufructs for a period of 99 years, and aims to provide foreigners with the opportunity to own usufructs outside integrated tourism complexes in specified areas.

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Oman: Consultation on New Bonds and Sukuk Regulation

Oman Daily Observer, 1 April 2024: Oman’s Financial Services Authority has announced it has issued a public consultation on a new Bonds and Sukuk Regulation.

If approved, it will regulate the long-term debt market in the Sultanate.

It will offer flexibility in structuring diversified financing products such as Green and Sustainable Bonds and Sukuk and Waqf Sukuk. It will also provide for special types of bonds and Sukuk customised to the financing needs of an investor and an issuer of a security.

These green products will improve green and sustainable financing in line with green and sustainable financing requirements approved by the Authority’s Board of Directors.

It also includes a chapter on disclosure rules, specifically disclosures related to green and sustainable bonds and sukuk. An issuer will have to implement the rules and terms and conditions of these disclosures to improve the integrity of the capital market and encourage conventional investors and those interested in sustainability issues to invest in these securities.
Along with the issuing of the Commercial Companies Law (Oman Sultani Decree No. 18/2019) and the Securities Law (Oman Sultani Decree No. 46/2022), the Bonds and Sukuk Regulation has been proposed to bring the national market into line with the latest global practices and standards.
It will enable debt instruments to be designed to be one of the main financing options to provide an appropriate investment environment and allow additional alternative instruments for local and foreign investors.

It has been proposed in line with three strategic objectives. The first is related to providing resilient and innovative financial instruments. The second is related to issuing flexible legislation and the third is the sustainable usage and investment of resources and natural wealth.

The Regulation has been proposed to encourage innovative and diversified financing products in line with the nature of financing needs of projects.

The Regulation will also allow conventional bonds and Sukuk to be issued.

The Regulation will incentivise Waqf Sukuk to help the development of the Waqf sector, specifically in terms of activating monetary Waqf and development of Waqf institutions, be they civil or charity institutions too.

The aim is to expand the base of subscribers and participants in Waqf activity.

Bonds and Sukuk can be issued in Oman in any convertible currency and the Authority will accept prospectuses in English for private placement.

The Regulations also contain provisions on special purpose companies, financial trusts, Sharia compliance, agents of beneficiaries or issuers, and general meetings.

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