MUSCAT: The newly implemented Foreign Capital Investment Law will attract more investments in the country, according to Dr Ahmed Al Hooti, Board Member of Oman Chamber of Commerce and Industry (OCCI).

The law which was launched on January 2, 2020, applies to expats in Oman and foreign nationals looking to invest in the country, and is designed to provide an attractive investment environment in a hugely competitive market place.

“The Foreign Capital Investment Law is an important and necessary requirement to attract more investments in the Sultanate,” Al Hooti said.

“It was also needed to regulate the investment process inside the country. It consists of a set of rules to regulate the commercial and economic process inside the Sultanate,” he pointed out.

As per the law, those who choose to invest in the Sultanate will receive “incentives, privileges and guarantees”.

The law allows the investor to establish a company in one of the permitted activities and own the entire capital of the company.

“There is no limit of the capital for the companies established under this law, provided the foreign investor adheres to the timetable submitted by him to implement his project and approved in accordance with the economic feasibility study,” said Ibrahim bin Said Al-Mamari, chief executive officer of the Investment Services Centre of the Ministry of Commerce and Industry.

The law allows 100 percent foreign ownership and removed the minimum capital of OMR 150,000 requirement to open up the market.

“The Sultanate is now going through a very important stage which requires investors to come to the Sultanate and this new law will certainly boost the market,” Al Hooti added.