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.

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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.

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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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Oman: Health Insurance Electronic Connectivity Regulations

Alroya, 9 October 2023: The Omani Capital Market Authority has issued Oman Decision No. Kh/83/2023 issuing regulations for the electronic connectivity of the health insurance system.

The decision comes into force 30 days after the date of its publication in the Official Gazette.

The first article of Chapter One states that the “Dhamani” platform is affiliated with the Authority and through it, services related to health insurance are to be provided electronically.

Article Four of Chapter Three states that the insured must be notified of the purpose of collecting personal data and their right to access it and request it to be updated through the platform. They should also be informed about adherence to the relevant medical code specified by the Authority to use in all transactions that take place through the platform.

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Oman: Banks Have to Maintain Bounced Cheque Defaulters List

Oman Daily Observer, 1 October 2023: Oman’s Central Bank has approved a Decision requiring banks to maintain a list of bounced cheque defaulters.

Oman Resolution No. BM/9/57/2023 regulates the direct debit system and bounced cheques.

Among other things, licensed banks must provide all details related to bounced cheques, especially details relating to account holders who have two or more bounced cheques in a month, four or more bounced cheques over six months, or six bounced cheques within one year, regardless of whether those cheques were returned through one or more banks.

Banks also have to provide the names and IDs of the owners of the bounced cheque, the numbers and dates of its issuing and return, the amounts, beneficiary names and the reasons for it bouncing.

In addition, they must provide any other information specified by the Central Bank for the purposes of analysing information and setting policies.

Licensed banks will be responsible for the accuracy and updating of the information related to the bounced cheque.

The Central Bank or the hosting entity will prepare a unified warning list of the names of the account holders based on the information received from the licensed banks.

Licensed banks, financial institutions, credit bureaus, their participating members, and others, as determined by the Central Bank, may also review the warning list to benefit from it for the purpose of assessing credit status and financial solvency.

Licensed banks or any authorised person may not use the system to benefit from information related to the bounced cheques for the purposes for which it was requested.

Licensed banks must also exercise caution when dealing with account holders whose names appear on the unified warning list and must withdraw cheque books from them. They must also not open current accounts for them and refrain from providing them with direct debit services for one year from the date of returning the returned instrument, without prejudice, apart from imposing any fines or actions determined by the Central Bank.

Licensed banks may remove the name from the list if account holders of those returned cheques have settled their obligations towards the beneficiary too.

Licensed banks should obtain a document proving settlement and maintain evidential documents as well.

The Central Bank may fine violators 20,000 Rials.

Also reported in Shabiba on 1 October 2023. For the full story, read here.

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Oman: Omap Platform Launched

Oman Daily Observer, 18 September 2023: Oman’s Public Authority for Special Economic Zones and Free Zones has announced it has launched an Omap platform. It aims to provide a digital portal to allow comprehensive geographical data, masterplans for special economic zones, free zones and industrial cities overseen by the Authority to be accessed.

It will provide detailed information and services via interactive digital maps and tools. It has been launched as the first step in the Authority’s online land allocation service.

The platform will simplify and expedite procedures, save time and effort, ensure equitable opportunities for all investors and prevent plans overlapping. It provides access to precise spatial information through detailed interactive maps for all zones, even pinpointing land available for investment and associated economic activities.

Investors can examine the land’s elevation, regardless of whether or not they are in Oman. They can also understand the land’s surface area and decide whether the power line is near enough or the required water capacity is available. They can also decide whether that particular plot is suitable for their specific industry, hotel, or commercial activity. It will enable them to understand whether roads are planned for the future or if there is a fibre optics or a telephone network as well.

In addition, investors will be able to remotely reserve the land, whether inside or outside Oman for 20 days and finalise the land acquisition process.

Investors can also interact and learn more about the specific plot available within all zones. Its features also include location searches for investment properties and comprehensive information on nearby landmarks and facilities like hospitals, restaurants, schools, stores and hotels. Users can also obtain land details by type, usufruct rates, location coordinates, size, and nearby utilities such as electricity, telecommunications, water, and transportation networks.

Users can also measure distances between different locations and their proximity to transportation networks relevant to shipping goods. Users will be able to get informed about drone-specific locations and restricted drone flying zones too.

A service for photographing projects at the request of the investor will be provided later on.

The platform has a toolkit that helps users, offers measurement tools as well as planning, drawing and annotation features, proximity service searches, cadastral drawing capabilities or Krooki, map printing and a site selection tool for digitally recording coordinates.

Biodiversity sites, reserves, tourist attractions, camping areas and more can also be disclosed. It provides insights into weather and climate conditions through connections to climate monitoring stations in the zones. It also offers information related to soil tests in the Special Economic Zone at Duqm, which is a focal point for future and Artificial Intelligence technologies.

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Oman: E-commerce Decision Issued

Oman Daily Observer, 10 September 2023: Oman’s Commerce, Industry and Investment Promotion Ministry has announced it has issued Oman Ministerial Decision No. 499/2023 to regulate the practice of e-commerce activity in the Sultanate.

E-stores will also have to protect consumer data. Vendors must maintain the confidentiality of consumer data and disclose measures taken to protect the data. They must immediately contact relevant authorities where there is a breach and provide a clear framework for receiving and handling consumer complaints as well as an exchange and return policy on par with current laws and contact information.

A licence to practice e-commerce must be obtained by submitting an electronic application via the Invest Easy portal.

It has been issued as part of a national e-commerce plan and is aimed at creating a legal and regulatory environment for the development and promotion of e-commerce. As part of the plan, an e-commerce complex will be established and the necessary infrastructure to support the sector will be developed.

It is also aimed at documenting local e-stores and facilitating access to e-stores organising operations related to buying and selling via the Internet and reducing e-commerce-related fraud. In addition, it is aimed at keeping up with e-commerce regulation and e-stores monitoring development.

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Oman: Central Bank Instructs Banks to Ensure Freelancers Have Separate Work-related Bank Accounts

Oman Daily Observer, 4 September 2023: Oman’s Central Bank has instructed banks to ensure banks have freelancers and those working independently have separate work-related bank accounts.

They have also been instructed to ensure the appropriate credit facilities are provided to these groups and include them within the percentage specified by the Central Bank to finance SMEs. Freelancing and independent work have been defined as individual businesses that enable an individual to provide services or products without having to establish a workplace or obtain a commercial license.

Banks have to help these groups open bank accounts and ensure they carry out the relevant due diligence in terms of money laundering and terrorist financing. They should notify customers who use their personal accounts for commercial purposes about the importance of opening a separate account and providing credit facilities for this category.

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