MUSCAT : The government’s decision to prohibit foreign investment in some business activities will empower small and medium enterprises owned by Omanis, Ministry of Commerce, Industry and Investment Promotion (MOCIIP) has clarified.
On Saturday, HE Qais bin Mohammad Al Youssef, Minister of Commerce, Industry and Investment Promotion issued a decision 209/2020 specifying the list of activities in which foreign investment is prohibited, and limiting it to the Omani investor only.
The decision is based on the Foreign Capital Investment Law issued under Royal Decree 50/2019. “This is in line with the priority given by the government to empower small and medium enterprises, the Omani investor can invest in all activities in which foreign investment is prohibited,” the Ministry said in a statement.
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According to the Ministry, it will also ensure that the projects and activities related to the national identity and Omani heritage are not affected.
“The decision aims to provide an opportunity for small and medium enterprises owned by Omanis in these sectors and to ensure that projects and activities related to the national identity and Omani heritage are not affected,” the statement added.
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