logo
New Investment and Trade Court to boost Oman's business environment

New Investment and Trade Court to boost Oman's business environment

Times of Oman23-03-2025

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.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Reviving Sur's commercial identity requires urgent overhaul
Reviving Sur's commercial identity requires urgent overhaul

Observer

time2 hours ago

  • Observer

Reviving Sur's commercial identity requires urgent overhaul

Sur, once a vibrant commercial centre along Oman's eastern coast, is losing its economic character. Decades of unregulated growth, poor zoning, and scattered investments have blurred the town's identity, weakening its appeal to investors, businesses, and residents. In the 1980s and 1990s, Old Sur Market and nearby districts such as Harat Al-Teenah and Jabal Al-Eid thrived with retail shops, showrooms, and trade activity. But the momentum has slowed. Commercial sprawl has replaced strategic planning. The result: oversupply, disorganised business activity, and a lack of functional zoning. The root of the problem lies in years of unchecked issuance of residential-commercial land titles, leading to a flood of retail outlets across both main and internal roads. This has inflated supply, caused overlap in business types, and undermined efforts to build a cohesive commercial ecosystem. Today, car washes operate next to restaurants, barbers, clinics, and salons in the same building—confusing for consumers and damaging to the area's economic image. A ROADMAP FOR RENEWAL To restore Sur's economic position and align with Oman Vision 2040's emphasis on local development, the following actions are essential: 1. Establish a commercial corridor: A structured commercial zone should extend from the Sur Industrial Area to Old Sur Market, passing through key areas including Harat Al-Noor, Jabal Al-Eid, Harat Al-Teenah, and Sur Club. This axis should anchor major commercial activity and guide future development. 2. Create a unified economic identity: Commercial activities must be aligned with zoning priorities. Large and medium-sized businesses should be grouped together. Mixed-use buildings should avoid housing unrelated services—such as car washes, food outlets, and salons—in the same premises. Visual coherence and business compatibility are key. 3. Upgrade infrastructure: Adequate parking is lacking in busy areas like Harat Al-Teenah, where banking and service centres cluster. Flooding during rain disrupts commercial movement due to poor drainage. Planned upgrades to parking, access roads, and water management are urgently needed. 4. Zone activities by scale and function: Not all business types belong on main roads. Small-scale or secondary enterprises should operate within internal neighbourhoods, while high-traffic roads should host anchor tenants and investment-ready companies. This ensures sustainability and investor confidence. 5. Revive Old Sur Market: The historic market can be transformed into a cultural and economic destination. New small and medium businesses, artisan markets, and themed areas—such as a Gold Souq or Travel District—can attract footfall and restore its relevance. Models like 'Souq Al Hareem' show how defined identity supports commercial success. 6. Form a dedicated planning task force: A professional team should oversee commercial regulation and support property owners. Many, such as those in Harat Al-Teenah, have faced years-long delays in resolving basic planning issues. The task force should streamline permits, resolve grievances, and foster public-private cooperation. A VISION 20240 IMPERATIVE Reviving Sur's commercial core is not just a local concern—it is a national one. As Oman prioritises governorate-level development under Vision 2040, towns like Sur must build competitive, structured economies. A cohesive commercial front, functioning infrastructure, and vibrant markets are critical assets. It is time to move from unplanned expansion to strategic renewal. With the right vision and coordination, Sur can reclaim its place as a thriving commercial hub. Mohammed bin Issa al Balushi The author is a Media Consultant specialising in economic affairs

IMF hails CBO's transparency, offers roadmap for enhancements
IMF hails CBO's transparency, offers roadmap for enhancements

Observer

time2 hours ago

  • Observer

IMF hails CBO's transparency, offers roadmap for enhancements

MUSCAT: The International Monetary Fund (IMF) has commended the Central Bank of Oman (CBO) for its proactive steps in enhancing transparency, governance, and monetary policy communication, as highlighted in a landmark Central Bank Transparency (CBT) Review—the first of its kind in the GCC region. Conducted under the IMF's CBT Code, the review — completed in April 2025 and released by the IMF this June — underscores the CBO's alignment with Oman Vision 2040 and its efforts to uphold international best practices. The IMF described the CBO as a trusted and credible public institution with a legal framework firmly underpinning its transparency policies. STRENGTHS IN MONETARY POLICY TRANSPARENCY At the core of the CBO's operational mandate is the maintenance of a fixed peg of the Omani Rial to the US Dollar—a policy sustained through active liquidity management and strong foreign exchange reserves. The IMF praised the central bank for its disclosure of monetary policy objectives, operational frameworks, and the role of liquidity management in supporting the peg. However, the Fund suggested that further transparency gains could be achieved by detailing the decision-making process behind these policies and disseminating key data in formats more accessible to external users. Enhanced publication of frameworks related to counterparties, collateral, and reserve requirements were also recommended. GOVERNANCE AND ACCOUNTABILITY The IMF acknowledged the CBO's well-established internal governance transparency framework, including disclosures on its board structure, decision-making process, and leadership. To raise standards even further, the IMF advised the CBO to place greater emphasis on internal independence, accountability, and risk management. The addition of an explicit access-to-information policy and the publication of existing internal risk and oversight arrangements were highlighted as "quick wins" for improving governance transparency, as many of these structures are already in place but not fully disclosed. With its expanding mandate in financial stability, the CBO now legally holds responsibilities for Emergency Liquidity Assistance (ELA) and macroprudential policy. The IMF noted that while the CBO has made significant efforts to clarify its role, greater transparency is needed regarding the scope of its financial stability mandate, available tools, and coordination mechanisms with other financial agencies. As these shared responsibilities grow, delineating roles and publishing relevant legal and operational frameworks will enhance public and institutional understanding of the CBO's oversight role. AML/CFT SUPERVISION As the designated Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) supervisory authority for financial institutions under its jurisdiction, the CBO has actively disclosed its legal powers, policies, and supervisory practices. However, the IMF sees room for improvement, especially in public communication of implementation outcomes. The upcoming release of a mutual evaluation report presents an opportunity for the CBO to strengthen communication on its AML/CFT achievements through its website and other outreach platforms. Public appetite for more accessible engagement with the central bank is growing. The IMF urged the CBO to consider simplifying its disclosures for wider public understanding and to expand educational and outreach efforts. This could involve deeper use of social media and communication tools to reinforce transparency and maintain institutional trust. ROADMAP FOR REFORM To help operationalise the findings, the IMF shared a draft Implementation Roadmap, outlining actionable recommendations. The Fund also reiterated its readiness to support Omani authorities in the implementation phase. Overall, the CBT review signals a strong performance by the CBO in aligning with global central banking standards, while identifying opportunities for reform that will solidify Oman's financial credibility and public trust in its monetary authority.

Oman unlocks RO 11 bn to power 10th 5-year plan
Oman unlocks RO 11 bn to power 10th 5-year plan

Observer

time2 hours ago

  • Observer

Oman unlocks RO 11 bn to power 10th 5-year plan

MUSCAT: Oman's Ministry of Economy has revealed that total development allocations under the Tenth Five-Year Plan (2021–2025) reached RO 11.009 billion by the end of March 2025. This reflects a 72% increase compared to the initial allocation of RO 6.414 billion when the plan was launched. The rise in development spending is part of a broader national effort to stimulate growth and support Oman Vision 2040. According to the ministry's performance report, the increase was driven by four main policy priorities. First, the government has strengthened investment in social development projects and programmes, aiming to improve citizens' quality of life. Second, funding has been directed towards economic diversification, with new initiatives supporting sectors beyond oil and gas. Third, the government is focusing on governorate-level development to reduce regional disparities and ensure more balanced economic progress. Fourth, significant efforts have been made to improve the investment environment, attracting both local and foreign investors. The Ministry of Economy stated that the additional funding supports national infrastructure, job creation and the long-term sustainability of the economy. The Tenth Five-Year Plan remains a key instrument for realising the strategic objectives of Oman Vision 2040. This surge in allocations highlights the Sultanate of Oman's commitment to economic transformation and inclusive development across all regions.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store