The new Financial Law was published in this week’s issue of the Official Gazette repealing the Financial Law of 1998.
The Omani Financial Law does not relate to the financial industry, banks, or financial services. Instead, it sets the framework for the management and oversight of financial operations in the Omani government by setting the rules for disbursing and collecting money by government entities, the process for developing the government’s annual budget, and the prescription rules for collecting money owed by and from the Omani government.
The new Financial Law of 2025 does not make significant changes to the framework previously established by the Financial Law of 1998 and, for the most part, merely modernises the language and structure used in the law. However, there are still some subtle and specific changes such as a new provision permitting the sub-lease of a part of a government property in certain cases and the extension of the prescription period by 15 years when a final judgment is made in connection to a claim.
We highly recommend that those who do business with the Omani government read this law. The new Financial Law entered into force yesterday. You can read it in full in English on the link below: