Category: Law Updates

The Capital Market Authority published in this week’s issue of the Official Gazette the Regulation Governing Electronic Insurance Operations. This regulation introduces new additional approval requirements for insurance companies and brokers wishing to provide their services on the internet. For example, Bima.om will now be required to comply with this regulation.

The Ministry of Interior published in this week’s issue of the Official Gazette the Executive Regulation of the Members of Majlis Al-Shura Elections Law. This new regulation provides implementation details for the recently issued Members of Majlis Al-Shura Elections Law.

The Tender Board published in today’s issue of the Official Gazette a brand new Regulation Governing Consolidated Procurement that requires government entities subject to the Tender Law to procure certain works and services through a new consolidated procurement procedure. The aim of this new procedure is to optimise government spending by obtaining better rates for routine works and services through consolidated purchases instead of procuring them individually by each government entity in an ad hoc manner.

The Ministry of Commerce, Industry, and Investment Promotion (MOCIIP) published a new Governance Regulation for Electronic Commerce in this week’s issue of the Official Gazette to regulate online stores.

The Small and Medium Enterprise Development Authority (SMEDA) published in this week’s issue of the Official Gazette a new SME Financing Regulation that replaces the SME Financing Regulation of 2022.

The Environment Authority (EA) published in this week’s issue of the Official Gazette Decision 107/2023 Issuing the Regulation Governing Environmental Permits that provides a new simplified framework for obtaining environmental permits for all commercial activities.

The Ministry of Energy and Minerals (MEM) issued in this week’s Official Gazette Ministerial Decision 36/2023 Amending Some Provisions of the Executive Regulation of the Mining Law. These amendments include provisions on social contribution under a new chapter numbered Fivebis.

Mining licensees are now obligated to contribute 1% of their total annual production for local community development. This amount, calculated and collected by MEM, is passed to the Ministry of Finance within five working days and subsequently allocated every three months to the development budgets of the offices of the governors. It should be noted that in the event that the licence area includes more than one region, the social contribution is disbursed based on the assessment of the governor depending on the need of the region.

The amendments state that social contribution amounts are earmarked for sustainable and local community-based projects, which include supporting youth activities and environmental projects.

The amendments entered into force on 14 August 2023.

You can read the amendments in full in English on the link below:

The Ministry of Commerce, Industry, and Investment Promotion issued a new decision in this week’s issue of the Official Gazette on the combatting of concealed trading.

The decision defines the term “concealed trading” as enabling a person to engage in an activity that the laws of the Sultanate of Oman do not allow him to engage in, whether for his own account or in association with others. Accordingly, the decision identifies the parties involved in concealed trading: The concealer who is the person that enables concealment, and the concealed trader who is the person that benefits from the concealment.

Yesterday, His Majesty promulgated the brand new Labour Law that overhauls the regulation of the labour market in Oman. One of the significant aspects of this reform of employment law is the creation of a new “Joint Dialogue Committee for Production Parties” as part of the wider aspects of collective bargaining and participatory provisions under the new law.

The long-awaited new Omani Labour Law is finally out. The new law makes many substantive changes to the way employment is regulated: From the scope of its application and employee rights, to collective bargaining and employment dispute resolution. The law was issued only a few hours ago, and it will take everyone a bit of time to fully digest the extent of the changes introduced by this law.