Oman: Telecommunications Regulatory Authority Launches Public Consultation on Postal Services Licences Framework

Shabiba, 28 November 2023: Oman’s Telecommunications Regulatory Authority has launched a public consultation on a postal services licences framework. It ends on 29 December 2023.

The framework aims to create qualitative and value-added investments, in addition to simplifying and facilitating procedures, developing a workforce, and creating a flexible regulatory environment.

It aims to improve the quality of postal services provided and encourage investment in new postal companies.

Read more here.

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Oman: First Islamic Investment Fund Established

Oman Daily Observer, 20 November 2023: Oman’s Capital Market Authority has announced the establishment of the Sultanate’s first Islamic investment fund.

The Gheras Fund, was launched by Imam Jabir bin Zaid Waqf Foundation.

All private and public Waqf institutions as well as Waqf agents will be able to join the fund.

Waqf units will be owned by Waqf institutions, allowing contributors to participate by allocating or purchasing units and designating them for specific Waqf institutions based on the contributor’s intentions.

The fund will not only serve orphans and the sick but also help establish mosques and other types of endowments.

The fund’s asset classes will include Sharia-compliant fixed income instruments along with Sharia-compliant stocks.

It will be the first fund of its kind to list on the Muscat Stock Exchange.

The subscription for the initial public offering will run from 17 to 21 December.

It will be open to private and public Waqf institutions and agents and will be valued at around 50 million Rials.

It has been established to address an urgent need for investing Waqf assets and deviating from the conventional approach of investing solely in real estate and similar avenues within the endowment sector.

The fund’s investments will be managed by Ubhar Capital. The funds will be collected by Sohar Islamic Bank.

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Oman: Telecommunications Regulatory Authority Urges Voice Over LTE Services to be Activated

Oman Daily Observer, 13 November 2023: Oman’s Telecommunications Regulatory Authority has urged mobile phone users and operators to activate the voice calling facility via 4G Voice over LTE or VoLTE networks.

VoLTE allows users to make calls using the Internet while still using their phone number.

The user’s mobile phone provider should support VoLTE, which will work even If the data signal is strong.

It comes as the Authority prepares to phase out 3G services from July 2024.

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Oman: Carbon Capture and Blue Hydrogen Regulatory Framework to be Established

Oman Daily Observer, 8 November 2023: Oman’s Energy and Minerals Ministry has signed a Terms of Reference agreement with multiple oil and gas industry stakeholders to establish a policy and regulatory framework for blue hydrogen and carbon capture utilisation policies in the Sultanate.

The agreement was signed by the Energy and Minerals Ministry and a team consisting of Petroleum Development Oman, Oman Shell, OQGN and Occidental Oman.

Under the agreement, a House of Expertise consisting of the Energy and Minerals Ministry, key carbon capture, utilisation and storage and blue hydrogen industry partners, public and private stakeholders and academic institutions will be established.

They will conduct a study to assess the current carbon capture, utilisation and storage and blue hydrogen landscape.

They will also carry out a techno-economic assessment of carbon capture, utilisation and storage in the country, create transparent licensing processes and assess financial mechanisms required to facilitate private sector investment in these sectors.
They will help develop the regulatory framework as the Sultanate looks to achieve net zero emissions by 2050 too and identify regulatory challenges to projects in these sectors.

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Oman: Contract Review Powers Decision Approved

Oman Daily Observer, 31 October 2023: Oman’s Sultan has issued a Decree transferring powers related to the revision of contracts from the Justice and Legal Affairs Ministry to the Secretariat General of the Tender Board.

Under Oman Sultani Decree No. 73/2023, the powers to review blueprints of unified model contracts drafted by units of the State’s Administrative Apparatus and other public legal persons in the instances/circumstances stipulated by law will be transferred.

The powers to review the blueprints of contracts whose value exceeds five million Rials and related change orders, irrespective of their values before the signing of the contract or whether any unit of the State’s Administrative Apparatus or other public legal persons might have started implementing the projects will also be transferred.

The review of anything other than unified model contracts covers the procedures that preceded the contract signing process.

The Justice and Legal Affairs Ministry’s technicians and legal advisers who are responsible for reviewing contracts, as well as other staff whose tasks are associated with the revisions or reviews will be transferred to the Secretariat General of the Tender Board.

These employees’ seniority and financial grades will also be transferred. Existing job allowances for these employees will be transferred as well.

The transfer will take place in line with a mechanism agreed by the Justice and Legal Affairs Minister and the Secretary General of the Tender Board. Anything which contradicts or cancels the Decree will be repealed.

The Decree will be published in the Official Gazette and come into force on its issued date.

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Oman: Draft Commercial Activities in Residential Buildings Decision Approved

Atheer, 25 October 2023: The Muscat Governorate Municipal Council has approved a draft decision regulating the use of residential buildings for commercial purposes in Muscat Governorate.

The decision aims to address the carrying out of commercial activities in residential buildings. It takes existing activities into account.

It aims to develop the business environment and divides streets into approved and unapproved streets.

Approved streets are those where commercial activities are allowed to be carried out in residential buildings overlooking them and specify the activities which can be practiced on those streets.

Click here to read more.

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Oman: Public Consultation Launched on Land and Sea Telecommunication Cables Regulation

Shabiba, 22 October 2023: Oman’s Telecommunications Regulatory Authority has announced it has launched a public consultation on the Regulations of International Telecommunications Cables. It ends on 15 November 2023.

The Regulations aim to regulate operations related to sea and land communications cables.

It aims to centralize and govern the approvals between all relevant government entities and determine fees to issue approvals to carry out activities related to international telecommunication cables.

It also aims to ensure infrastructure is safe and available.

In addition, it aims to develop a regulatory environment that keeps up with developments and enables investments in innovative services.

It aims to meet market requirements in supporting the communications sector and the national economy as well.

Click here to read more.

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Oman: Banks Have to Comply with Specific Insurance Marketing Rules

Oman Daily Observer, 15 October 2023: Oman’s Capital Market Authority has approved new regulations, which will require banks to comply with specific insurance marketing rules.

The regulations are aimed at tackling unhealthy practices involved in the marketing of these products through banks and to reduce disputes between insurance policy holders related to the banking sector and companies during insurance claims.

Under the regulations, insurance companies cannot market any insurance products through banks without the approval of the Authority.

except after obtaining approval from the CMA.

More than one company cannot market the same insurance product with the same bank, or for the same branch of the bank.

Insurance companies have to retain at least 40% of the net premiums for insurance products marketed through banks, excluding life insurance products.

They have to retain at least 25% of property insurance and insurance products related to SMEs.

The Authority has the right to supervise and control the processes of selling and marketing products through provisions such as internal auditing that will notify it of any violations and set controls to ensure executives employed for marketing insurance products via banks comply with anti-money laundering and terrorist financing requirements.

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