Atheer, 4 June 2023: Oman’s Housing and Urban Planning Minister has issued Oman Ministerial Decision No. 102/2023 on the amendment of Oman Ministerial Decision No. 45/2021 Regarding the Controls of the Ownership of Land and Real Estate by Companies for Carrying Out Their Activity.

Under the aforementioned decision, companies are now restricted to purchasing lands and properties solely for commercial purposes, including commercial, industrial, and tourism housing, as well as residential real estate units within comprehensive housing compounds.

Previously, companies were prohibited from owning residential real estate units in housing compounds. Moreover, the law permits companies to own more than 50 per cent of lands and real estate properties for conducting activities listed in the commercial record.

Additionally, they have the authority to rent or sell any surplus assets they do not require.

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