Oman: Statements of Bank Assets and Liabilities Regulations Amended

Al Watan, 11 February 2024: Oman’s Central Bank has issued a Decision amending the statements of bank assets and liabilities of licensed banks in the Sultanate regulations.

Oman Central Bank Decision No. MM/201/06/23/22/2024 amends Oman Regulation No. 20/09/1980.

Under the Decision local banks must submit statements of their assets and liabilities, including a profit and loss account and all their operations and branches within the Sultanate of Oman, within their annual budget, provided that they are audited by independent auditors to the Central Bank during the first quarter of each year.

Local banks must electronically display the summary statement dating back to 31 December the previous year throughout March through the channel they conduct banking business through.

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Oman: E-commerce Regulations Implementation Begins

Oman Daily Observer, 5 February 2024: Oman’s Commerce, Industry and Investment Promotion Ministry has announced the implementation of the e-commerce regulations has begun.

The regulations are contained in Oman Ministerial Decision No. 499/2023. The regulations stated that they would be implemented 90 days after they were published in the Official Gazette.

They have been introduced to align the Sultanate with international developments in this area.

They were introduced together with the Transport and Communications Ministry, Information Technology Ministry, the Royal Oman Police represented by the General Directorate of Customs, the Consumer Protection Authority, the Central Bank, the Telecommunications Regulatory Authority Asyad Group and the ITHCA Group.

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Oman: Implementing Regulations to Data Protection Law Issued

Oman Daily Observer, 7 February 2024: Oman’s Transport, Communications, and Information Technology Ministry or MoTCIT has issued the Implementing Regulations to the Sultanate’s Data Protection Law (Oman Sultani Decree No. 6/2022).

Oman Ministerial Decision No. 34/2024 has been issued to provide an improved framework for personal data protection.

They also provide clarity on various provisions contained in the Law. The provisions focus on improving data privacy and establishing proper controls and procedures. Among other things, they emphasise the importance of obtaining consent before processing personal data.

They also outline the rights of data subjects and address specific scenarios such as the processing of personal data relating to children. In order to process personal data relating to children, explicit consent must be obtained from their legal guardian or custodian before their data can be processed.
In terms of processing data, a permit has to be obtained. There are a number of requirements for obtaining these permits, including a personal data protection policy being submitted and measures to address potential breaches being specified.

Permits will be valid for up to five years but can be amended, renewed or cancelled. There are also provisions on the rights of data subjects. Among other things, data subjects can withdraw consent and request modifications or updates to their data. They can also obtain copies of processed data and request the deletion of their personal information, where applicable. Where there is a data breach, data subjects must be promptly notified and informed of the actions taken to address the breach.

Elsewhere in the regulations, specific obligations are imposed on controllers and processors. Among others, they must obtain explicit consent before processing personal data and comply with controls related to the processing of children’s personal data.

Where there is a personal data breach, controllers have to notify the Ministry within 72 hours. The Ministry will assess the actions taken by the controller and may direct them to take appropriate measures to mitigate the impact of the breach.

Organisations must also appoint a Data Protection Officer or DPO. They will be responsible for overseeing data protection matters within their organisation and will consult with the controller and submit proposals to them. They will also coordinate with the Ministry on data processing issues.

Controls and conditions for inter-state data processing are also introduced. These include obtaining a data subject’s consent and assessing the level of protection provided by the receiving party.

These controls and conditions have been introduced to balance the risks and necessity of these transfers.
There are provisions on how complaints can be filed too as well as provisions on penalties for violations.
Individuals can file complaints and reports and the Minister has the authority to impose administrative penalties like warnings, suspending permits and imposing fines of up to 2,000 Rials.

Permits may be cancelled in extreme circumstances.

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Oman: No New Hotel Permits to be Issued in Muscat City

Oman Daily Observer, 24 January 2024: Oman’s Heritage and Tourism Ministry has announced no new hotel permits are going to be issued in Muscat city and surrounding areas.

The move follows the introduction of new regulations on establishing new hotel establishments which come into force on 1 February. They have been issued to address an imbalance in the distribution of hotels across the country.

The Ministry will not accept any requests for new hotel activities in the Muscat Governorate, except for Quriyat and Al Amerat wilayats.

In Dhofar, the Ministry will stop accepting requests for regular hotel apartments in Salalah. All establishments should follow the classification and quality standards specified in Oman Sultani Decree No. 69/2023 (the Tourism Law) which is aimed at regulating hotel and tourist establishments. Approvals for the establishment of new hotel facilities will be issued according to the project location in the permitted areas.

In Al Wusta no new requests for one and two-star hotels and rest houses in the wilayats of Mahut, Haima and Duqm will be accepted.

In Al Dhakiliyah no new requests for regular hotel apartments, rest houses, one- and two-star hotels, and rest houses in all wilayats of the governorate will be accepted.

In Al Dhahirah no new requests for one and two-star hotels rest houses in the city centre in the wilayat of Ibri and guest houses in the city centre in the wilayat of Ibri will be accepted.

In Al Buraimi no new requests for guest houses, except for the wialayat of Sunaynah will be accepted.

In Musandam no new requests for one-star hotels, rest houses and guest houses in the state of Khasab will be accepted.

In North al Batinah no new requests for one and two-star hotels, rest houses, regular hotel apartments, and hospitality hostels in all wilayats of the governorate will be accepted.

In South al Batinah no stopping hospitality hostels in the states of Barka and al Musannah will be allowed.

No camps will be allowed in any wilayats except Nakhal wilayat.

In North al Sharqiyah construction of one and two-star hotels, rest houses and regular hotel apartments in the wilayat of Ibra will be stopped.

In South al Sharqiyah construction of guest houses and regular hotel apartments will be stopped.

In the wilayat of Sur, construction of two-star hotels will be stopped and construction of one-star hotels and rest houses in all wilayats of Jaalan Bani Bu Ali will be stopped.

All categories and classifications of new hotel projects in Muscat Governorate will be limited to Quriyat and Al Amerat only.

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Oman: Tax Initiative Launched

Shabiba, 21 January 2024: Oman’s Tax Department has announced the launch of a Tax Position Settlement Initiative.

It has been launched to help those who are struggling to pay reduced tax rates and help businesses continue operating.

Struggling income taxpayers must use a specific form to submit their requests within six months from the launch of the initiative at the start of January 2024.

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Oman: Liquidity Provider Service Launched

Oman Daily Observer, 14 January 2024: The Muscat Stock Exchange has announced the launch of a liquidity provider service.

The service enables the daily presentation of buying and selling offers with a spread of approximately 2% between asking price and bid.

It has been launched as part of the Exchange’s Market Making Initiative and has been launched together with the National Programme for Financial Sustainability.

The Exchange’s CEO said the service has been launched to create liquidity for selected and agreed-upon stocks.

The launch of the service will help the Exchange become an emerging exchange by meeting the essential requirements.

The Exchange is currently working with listed companies, specifically with significant market capitalisation, to provide the service.

There are plans to establish dedicated funds to improve liquidity in the coming days as well.

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Oman: New Visa Medical Certification Guidelines Issued

Oman Daily Observer, 7 January 2024: Oman’s Health Ministry has announced new visa medical certification guidelines have been issued.

The certifications are completed in Gulf Health Council centres abroad. From 7 January, expatriates will not have to visit Health Ministry medical fitness examination centres.

They will be able to approve their certificates on the Health Ministry’s electronic health portal or at Sanad offices instead. Patients who had medical fitness certificates issued before 7 January can continue to do so until 21 January.

The Royal Oman Police will not approve manually approved examinations after this date.

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