HM The Sultan Enacts New Financial and Economic Zone Laws

Muscat: His Majesty Sultan Haitham bin Tarik has enacted two Royal Decrees, signaling significant legislative advancements in financial governance and economic zone management. According to Oman News Agency, Royal Decree No. (37/2025) introduces the Financial Law, which has been presented before the Council of Oman. The decree outlines several pivotal articles: Article (1) mandates the enforcement of the Financial Law provisions attached to the decree. Article (2) delegates authority to the Minister of Finance to issue the Executive Regulation for the law and decisions for its execution, maintaining existing regulations in the interim. Article (3) repeals the former Financial Law enacted by Royal Decree No. 47/98 and any conflicting legislation. Article (4) stipulates that the decree will be published in the Official Gazette and take effect 60 days post-publication. In addition, Royal Decree No. 38/2025 establishes the Law of Special Economic Zones and Free Zones, also reviewed by the Council of Oman. Artic le (1) of this decree enforces the attached law. Article (2) ensures that current benefits provided to entities in free zones and the Special Economic Zone at Duqm remain intact until their expiration under existing agreements. Article (3) requires the Board Chairman of the Public Authority of Special Economic Zones and Free Zones to issue the law's executive regulation within a year, allowing current regulations to remain effective in the meantime. Article (4) repeals the previous Free Zones Law under Royal Decree No. (56/2002) and any contradictory provisions. Article (5) declares that this decree will be published in the Official Gazette and become effective the following day.