Oman Tightens Foreign Investment Rules to Protect National Interests

1 min read5,845 Views26 LikesPublished on 04 Sep 2024

Oman has introduced stricter regulations for foreign investment, aiming to safeguard national interests and promote domestic businesses. The Ministry of Commerce, Industry and Investment Promotion has updated a previous ministerial decision to restrict foreign ownership in an additional 28 business categories.

While the exact details of the restricted sectors are not readily available in the public domain, the move is anticipated to primarily impact industries considered crucial to Oman's cultural heritage and economic identity. This could include sectors such as tourism, hospitality, and traditional crafts.

By limiting foreign competition in these areas, the Omani government hopes to create a more favorable environment for local businesses, particularly small and medium enterprises (SMEs). This strategy aligns with the country's broader efforts to diversify its economy and reduce its reliance on oil and gas.

It remains to be seen how these changes will impact Oman's foreign investment landscape and its overall economic development.