The Ministry of Interior published in this week’s issue of the Official Gazette Ministerial Decision 16/2023 Issuing the Financial System for the Expenses, Disbursements, and Tenders of the Elections of the Members of Majlis Al-Shura and the Municipal Councils. This new system provides an alternative procurement process to that stipulated by the Tender Law and gives the Ministry of Interior new powers including the power to directly award contracts relating to works, services, and supplies for the elections up to the value of 245,000 Rial Omani without going through a tender.
Category: Law Updates
The Ministry of Commerce, Industry, and Investment Promotion (MOCIIP) recently issued a regulation to determine the “beneficial owner” of companies operating in Oman. This regulation is applicable to all types of companies except for public joint stock companies, which are instead regulated by the Capital Market Authority. The companies in question have until the end of this month to satisfy the provisions of this regulation. So what does this regulation mean for your business?