MUSCAT: The Foreign Investment Law which is likely to be implemented early next year, will bring radical changes to Oman’s economy, according to Dr. Ali bin Masoud Al Sunaidy, Minister of Commerce & Industry.

In an interview with Arabic radio station Shabiba FM, the Minister said the new law will “certainly open door for all”.

The Foreign Capital Investment Law will not make it obligatory for investors to have the OMR 150,000 required in his company’s account to set up a business in the Sultanate. As per the law, an investor is free to start his business in Oman without the need of a local sponsor.

“What these laws will do is protect some of the licences that will be reserved only for Omanis. There will be a list of these activities that will be be determined by the Council of Ministers and will change when needed and allow foreign investors to come to the Sultanate without a broker,” Al Sunaidy explained.

“The Foreign Capital Investment Law requires a feasibility study which confirms that the investor is keen and capable for the project he will be undertaking, and that licences are granted because he is serious in starting this project.

“This gives the investor some preferential treatment and allows him to use that land which has been allocated to his business, which will see him capable of using the land for the long-term, and will involve the registration of some assets in his company,” added the minister.

“This is a very important law that will be subject to control during the first years of its implementation to ensure that those who are affected by the law can adjust to it, much like the other laws that have been previously brought in,” Al Sunaidy added.