MUSCAT: His Majesty Sultan Haitham bin Tarik issued three important Royal Decrees on Tuesday, each of which plays a significant role in shaping the legal and economic landscape of Oman. The first decree pertains to the promulgation of the Supplementary Tax Law, specifically targeting entities affiliated with multinational groups. This new law aims to regulate tax obligations for these entities operating in Oman, ensuring transparency and aligning with global standards. By introducing this legislation, Oman continues to enhance its business environment and strengthen its economic policies.
The second Royal Decree ratifies the Framework Agreement for the Establishment of Private Sector Operations between Oman and the OPEC Fund for International Development (OFID). This agreement is a crucial step in fostering further cooperation between Oman and the OPEC Fund, promoting private sector growth, and supporting sustainable development projects. The partnership will help accelerate investment in key sectors, contributing to the diversification of Oman’s economy and bolstering its position as a regional hub for economic growth and innovation.
The third decree concerns the endorsement of the concession agreement for the extraction and processing of sea salt between the Government of the Sultanate of Oman and Naqa Salt Company for Area No. 51-K. This agreement marks a significant development in the natural resources sector, focusing on the sustainable extraction of sea salt, a valuable commodity. The partnership with Naqa Salt Company will help unlock the potential of this sector, supporting Oman’s goals for resource optimization and environmental sustainability.
These three Royal Decrees reflect the Sultanate’s ongoing commitment to legislative progress, economic growth, and international partnerships. The government is continually working to enhance the regulatory framework, attract investment, and foster development across multiple sectors. By taking these actions, His Majesty Sultan Haitham is steering Oman towards a more diversified and prosperous future, with a strong emphasis on private sector involvement and sustainable practices.
