Empowering Omani Investors with New Ministerial Decision
The Ministry of Commerce, Industry, and Investment Promotion in Muscat has recently issued Ministerial Decision No 435/2024, amending the provisions of Ministerial Decision No 209/2020. This decision restricts certain activities to only Omani investors, aligning with the Foreign Capital Investment Law.
The aim of this decision is to boost qualitative investments and promote entrepreneurial projects, supporting small and medium enterprises to enhance the Omani economy. By reserving 28 new activities for Omani investors only, the total number now reaches 123. This move creates avenues for Omani-owned SMEs in various sectors and safeguards projects related to national identity and heritage.
Additionally, the decision prohibits foreign investors from engaging in activities such as production of handicrafts, skin care services, event and furniture rental, and more. It also ensures existing investment projects are not affected and can only be transferred with the Minister’s approval.
This step not only stimulates local entrepreneurship but also creates job opportunities for Omani citizens, showcasing the government’s commitment to economic growth and development.
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