New Investment and Trade Court to boost Oman's business environment
Muscat: The Supreme Judicial Council (SJC) has reaffirmed that the establishment of the new Investment and Trade Court to boost Oman's business environment will provide a stable environment for wooing foreign investment and also cope with the contemporary legal challenges.
While helping in maintaining sustainable economic growth of the country, the SJC reaffirmed that the ICC has been created within the keenness of His Majesty Sultan Haitham bin Tarik for initiation of laws to attract investment and for the development of the commerce sector in the Sultanate of Oman.
The court is expected to meet the aspirations and targets of Oman Vision 2040 and will receive continued care of the judiciary service in further cementing the pillars of justice and the sovereignty of the law in Oman, the SJC added.
The Supreme Judicial Council stated that the court is concerned with the review of all cases to which one party is a merchant or related to the merchant's business.
It is also concerned with disputes arising from the investment contracts including the disputes arising between the partners or the shareholders or between them and the company as the case may be in trading companies including the public joint stock companies, the shares of which are offered for trading.
The court is also concerned with the disputes related to the commercial assets ; the cases related to foreign capital investment , the economic activity, the cases related to banks, securities of finance , investment and insurance companies with the exception to the damages resulting from car accidents and case related to bankruptcy or the requests for arbitration, the cases related to patents, trade secrets, industrial models and other intellectual property rights, the cases of protection of competitiveness and monopoly practices and combating of practices harmful to national products, the cases related to online commercial transactions and the cases related to partnership contracts between the government sector and the private sector.
The SJC also pointed out that article (2) of the said Royal Decree stated that the courts shall continue with the review of the cases, orders and requests, which by virtue of the law annexed to the decree, have become within the prerogatives of the court, once such cases are filed prior to the date of implementation of the provisions on this law at the time article ( 5) of the decree stated that it shall take effect from 1 October 2025.
The court is hoped to mitigate the pressure on the courts due to the presence of the professional and specialised cadre in the court, the SJC added.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Observer
an hour ago
- Observer
Integrated livestock farming and meat production project launched in Al Suwaiq
MUSCAT: Seeking to contribute to food security goals in North Al Batinah Governorate, Omani entrepreneur Hamood Al Mahrazi has launched an integrated livestock farm and meat production facility in the Wilayat of Al Suwaiq aimed at producing premium-quality meat from a mix of local and international livestock breeds. The venture, which employs advanced farming technologies, is supported by a farm with a capacity of 1,250 head of livestock annually. The facility blends Omani traditions with global expertise to ensure high standards in animal care, hygiene, and meat quality. 'Our project combines Omani authenticity with global expertise,' said Hamood al-Mahrazi, owner of the initiative. 'We rely on the latest technologies to ensure meat quality and safety, contributing to the sustainability of Oman's agricultural sector.' The project is expected to help meet growing domestic demand and reduce reliance on meat imports, aligning with national goals under Oman Vision 2040. 'The expected production capacity will reach 1,250 head annually,' Al-Mahrazi added. 'This reflects our commitment to fulfilling local demand and boosting the supply of high-quality meat.' The farm incorporates modern technologies across all stages of the process, including advanced feeding systems, specialised veterinary care, and state-of-the-art meat processing facilities. The project is part of an ongoing drive by the Ministry of Agriculture, Fisheries and Water Resources aimed at fostering entrepreneurial opportunities for Omanis in the fields of crop and livestock farming and meat production, among other related sectors, across the Sultanate of Oman.
Muscat Daily
3 hours ago
- Muscat Daily
Dialogue session to boost SME involvement in energy, minerals
Muscat – The Authority for Small and Medium Enterprises Development (ASMED) in collaboration with the Ministry of Energy and Minerals will host a dialogue session on June 15, under the theme 'Enhancing Opportunities for Small and Medium Enterprises in the Energy and Minerals Sector'. The session is part of ASMED's ongoing efforts to empower small and medium enterprises and highlight emerging opportunities in strategic sectors. The energy and minerals sector, in particular, is seen as vital to Oman's long-term economic growth and diversification agenda. The event will bring together stakeholders from both the public and private sectors to explore ways to strengthen SME participation in the energy and minerals industries. Discussions will focus on unlocking investment opportunities, addressing key challenges, and formulating policies that foster an enabling business environment for entrepreneurs and SME owners. ASMED stated that the dialogue session will reflect the national direction to enhance SME contribution to the GDP and to create new opportunities for innovative ventures in line with Oman Vision 2040. The vision places strong emphasis on the role of SMEs as engines of sustainable growth and diversification in the sultanate's economy. The authority also noted that the session will support the development of practical solutions and collaborative frameworks that allow SMEs to better access the energy and minerals sector. It aims to enhance competitiveness, strengthen partnerships, and create a more attractive and dynamic business ecosystem for local entrepreneurs. ASMED has invited SME owners and aspiring entrepreneurs from across the sultanate to take part in the session. Registration is open through the following link:
Muscat Daily
a day ago
- Muscat Daily
H M congratulates Saudi King on success of haj
Muscat – His Majesty Sultan Haitham bin Tarik on Sunday sent a cable of congratulations to the Custodian of the two Holy Mosques King Salman bin Abdulaziz al Saud of the Kingdom of Saudi Arabia (KSA) and Prince Mohammed bin Salman al Saud, Crown Prince and Prime Minister of Saudi Arabia, on the success of haj season. In the cable, His Majesty the Sultan lauded the great efforts exerted by the Saudi government every year in serving the pilgrims and providing all necessary conditions and services for the smooth, safe and easy performance of the haj pilgrimage. His Majesty prayed to the Almighty Allah to grant Saudi Arabia permanent success in organising the performance of this sacred duty in the most perfect manner. Exchange of greetings His Majesty the Sultan exchanged Eid al Adha greetings over a phone call on Sunday with President Mahmoud Abbas of the State of Palestine, Chairman of the Executive Committee of the Palestine Liberation, and Shehbaz Sharif, Prime Minister of the Islamic Republic of Pakistan. His Majesty the Sultan expressed his sincere sentiments and best wishes of good health and happiness to Abbas and Sharif. He also wished the people of both the countries further progress and prosperity. In reciprocation, the Palestinian President expressed his heartfelt sentiments and best wishes of good health and happiness to His Majesty the Sultan. He prayed to Allah the Almighty for the return of this occasion on His Majesty at a time he has achieved more progress and prosperity for the Omani people. The Prime Minister of Pakistan too expressed his heartfelt sentiments and best wishes of good health and happiness to His Majesty, praying to Allah the Almighty for the return of this occasion on His Majesty for many years to come.
