Twenty-Eight Activities Added to Business Areas Prohibited to Foreign Investors

The Ministry of Commerce, Industry and Investment Promotion issued a ministerial decision amending some provisions of the Ministerial Decision No. (209/2020) by updating the list of activities in which foreign investment is prohibited. The specified business activities in the decision have become exclusive to Omani investors only. The decision is consistent with Article 14 of the Foreign Capital Investment Law issued under Royal Decree No. (50/2019), which stipulates that 'a list of activities in which foreign investment is prohibited shall be compiled through a decision to be issued by the Minister.' The decision seeks to strike a balance between measures to attract quality investments and encourage Omani entrepreneurial projects. The government's support to small and medium enterprises (SMEs) serves as an incentive for Omanis to establish their own projects and generate new job opportunities for citizens. Any Omani investor can invest in all activities in which foreign investment is prohibited. The move offers opportunities for SMEs owned by Omanis to contest most business sectors, the decision lays emphasis on ensuring that the projects and activities related to the national identity and Omani heritage shall not be compromised. The abovementioned list will be updated according to the circumstances of each stage, to help keep pace with economic developments. Source: Oman News Agency