Muscat – Ministry of Commerce, Industry and Investment Promotion has issued Ministerial Decision No 435/2024 to amend certain provisions of Ministerial Decision No 209/2020, which lists the activities prohibited for foreign investment, restricting these to Omani investors only.

The decision aligns with Article 14 of the Foreign Capital Investment Law issued via Royal Decree No 50/2019.

The decision aims to balance attracting qualitative investments with encouraging entrepreneurial projects, in line with the government’s priority to empower small and medium enterprises that enhance the Omani economy. It serves as an incentive for Omanis to establish their own businesses and create new job opportunities for citizens. Omani investors are allowed to invest in all activities where foreign investment is prohibited. The decision also seeks to provide opportunities for Omani-owned SMEs in these sectors and ensure that projects and activities related to national identity and Omani heritage are not affected. This list will be updated according to circumstances of each phase to keep pace with economic developments.

The decision added 28 activities to the list reserved for Omani investors only, prohibiting foreign investors from engaging in these, taking the total number of such activities to 123. Article 2 of the ministerial decision stated that any provision that contradicts this decision is  nullified.

Article 3 confirmed that the decision would take effect the day after its publication, excluding existing investment projects at the time of its implementation, which cannot be transferred to others without written approval from the Minister of Commerce, Industry and Investment Promotion or his delegate, as stated in Article 2 of Ministerial Decision No 209/2020.

The newly prohibited activities include production of handicrafts by distilling flowers and herbs, production of frankincense water and oil, leather handicrafts, palm leaf handicrafts, wood handicrafts, traditional handmade cosmetics and perfumes, pottery and ceramics,  stone and gypsum handicrafts, silver handicrafts, copper and metal handicrafts, aluminum handicrafts, traditional fishing tools, bone-derived handicrafts, and production and preparation of incense.

The decision includes activities such as skin care services, event and furniture rental, retail in specialised stores for construction scrap materials (including scrap iron trade), retail in specialised stores for drinking water (excluding production and transportation), cultivation of plants for decoration and seedlings (nurseries), sale of used vehicles, mobile cafes, freshwater aquaculture, mailbox rental services, public scribe services, Sand Services Centre, management and operations of liquefied petroleum gas filling stations (cooking gas), collection of used batteries and oils, and grocery stores.

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