Oman Archives - Page 29 of 30 - LexisNexis Middle East

Expired Oman Business Law Forum – Second Edition

04/10/201811/12/2019
by Madelein Du Plessis

We're sorry, but all tickets sales have ended because the event is expired.

Second Oman Business Law Forum
26/11/2018
8:30 AM - 2:30 PM

Speakers

2nd Edition in Oman! – 26 November 2018 After the success of the first Oman Business Law Forum in 2017, gathering over 100 people from the Omani legal and business community, the second edition conference will cover all the latest legal developments to be aware of in Oman. Thanks to our expertise in organising major (more…)

News developments

Oman: Health Insurance Coverage to be Soon Provided to all Private Sector Employees and Visitors

22/07/201811/12/2019
by Benjamin Filaferro

Oman’s Capital Market Authority has announced a new policy is currently under review which would mandate health insurance coverage is provided to all private sector employees and visitors in Oman. The Authority is working with the Health Ministry and the Royal Oman Police on mechanisms for the issuing of health insurance to visitors at border posts. When implemented, the new law will have a significant impact on the immigration process in Oman as proof of insurance would likely become a requirement to obtain legal status in the country. It has not been announced when the new requirement will come into effect. The Authority’s announcement is in line with the amendments to the law made by the Health Ministry in the last quarter of 2017.

News developments

Oman: Shoura Council is Set to Discuss a Number of Draft Laws

23/06/201811/12/2019
by Benjamin Filaferro

Oman’s Shoura Council is set to discuss a number of draft laws including imposing selective tax which has been referred to it by the Council of Ministers. The Council is also set to discuss a draft law to amend Article 4 of the Foreigners Residency Law. In addition they will discuss a proposal to amend the Social Housing Law.

News developments

Oman: Amendment of the Provisions of the Regulatory Charter for the Measures for Professional Health and Safety in Establishments Regulated by the Labour Law

28/04/201811/12/2019
by Benjamin Filaferro

Oman’s Manpower Minister has issued a Decision amending the provisions of the regulatory charter for the measures for professional health and safety in establishments regulated by the Labour Law. Under the amendments, a new article has been added requesting employers in establishments which operate in the oil and gas, ports, airports and power and water sectors to carry out regular and random tests for workers to ensure they are not taking any drugs or drinking alcohol. The employer should take the necessary steps to ensure the establishment doesn’t have these materials onsite. The amendments in Oman Ministerial Decision No. 133/2018 have been issued in line with Oman Sultani Decree No. 35/2003 and the Regulatory Charter for the professional health and safety in establishments regulated by Labour Law as issued by Oman Ministerial Decision No. 286/2008.

News developments

Oman: All Tobacco Adverts Banned

14/04/201811/12/2019
by Benjamin Filaferro

Oman’s Information Ministry has announced it has amended the regulations banning tobacco adverts in the Sultanate. Oman Ministerial Decision No. 43/2018 now bans all tobacco product adverts on all media platforms. The Ministerial Decision was issued by the Information Minister on 27 March and replaces Article 36 of the Implementing Regulations to the country’s 1984 Press and Publications Law with ‘it is prohibited to publish advertisements on tobacco products or their derivatives in all media, including print, electronic, audio-visual and any billboards, wherever they exist’. The Ministerial Decision has been issued in line with the Publications Law issued by Oman Sultani Decree No. 49/1984 and Oman Sultani Decree No. 20/2005 approving the Sultanate’s accession to the World Health Organisation’s Framework Convention on Tobacco Control.

Weekly Spotlight

Weekly Spotlight: Regulatory Amendments Issued by Oman’s Central Bank to Enhance the Sultanate’s Financial Industry

08/04/201811/12/2019
by Benjamin Filaferro

This week the spotlight is on regulatory developments in Oman, where the Sultanate’s Central Bank has issued a number of regulatory amendments to enhance the Sultanate’s financial industry. The amendments came into force on 1 April 2018.

The Bank has reduced the capital adequacy ratio requirements for banks from 12 to 11%. This will increase banks’ lending capacity. It is expected to make an additional 2.6 billion Riyals of credit available with 7.8 billion Rials instead of 5.2 billion Rials being released. The Bank has also decided to remove the regulatory restrictions imposed on the risk weights to claims on sovereign and central banks. It comes as the Bank looks to implement the Basel Committee guidelines.

The Bank has decided to increase the prudential limit for all currencies from 15 to 20% for three-to-six months, 25% per cent for six-to-nine months and 25% for nine-to-12 months. The aim is to give banks more flexibility to utilise available credit lines available from foreign and local correspondents at a reasonable rate. Finally the Bank has increased the prudential limit ratio of credit exposure to non-residents and placement of banks funds abroad to banks’ local net worth from 50 to 75%. It is hoped this change will provide banks with greater flexibility to manage their liquidity surpluses, diversify their revenues and increase their external borrowing capacity to finance local projects.

News developments

Oman: First Community Sentence Issued

10/03/201811/12/2019
by Benjamin Filaferro

Salasah Primary Court has issued a first-of-its-kind community service sentence to a number of defendants. The convicts were sentenced the to sweep and clean roads in Salalah province, in southern Oman. They have been ordered to do this for four hours a day for a month in addition to their original sentence. Article 57 of the new Omani Penal Code allows supplementary penalties, including the commissioning of a social service. Convicts can also be jailed for one month if they do not comply with public service sentences.

News developments

Oman: New Traffic Laws Coming Introduce Black Point System

03/03/201811/12/2019
by Benjamin Filaferro

Oman’s Royal Police have announced the Sultanate’s new traffic laws have come into force today (1 March). The Police have introduced a black point system from today which will see black points issued against any drivers who violate the new laws. Under the system, motorists who get more than 12 points in a calendar year will have their licences suspended for six months. Drivers who accumulate another 12 points after this in the next year will have their licence confiscated for a year. Those who accumulate 12 points in a third year will see their licence cancelled. They will also have to pay 100 Rials and retake their driving test. Amongst the changes, new drivers will be issued with temporary licences and will have to complete a probation period. Drivers who get more than 10 points in this period will have to take additional lessons. If they get more than seven points in a year they will have their temporary licence extended for a year. Drivers who get up to six points during their probation will be able to obtain a ten-year licence while expatriates will get a two-year licence. Those who get a licence for ten years will only have to renew them after they expire. Seat belts for passengers and child seats for those under four are also now mandatory. There have also been changes to the penalties regime for 52 offences. Fines which have been increased include parking in disabled bays from 10 to 50 Rials and drivers who cover their faces, including women will be increased to 50 Rials.

News developments

Oman: Shoura Council has referred a study on private investment in the health sector

10/02/201811/12/2019
by Benjamin Filaferro

Oman’s Shoura Council has referred a study on private investment in the health sector to the Council of Ministers. The study focuses on the challenges faced by private investment as well as the incentives which should be offered to encourage investment. The Council also referred a study from the Economic and Financial Committee on the obstacles faced by the private sector, the free zones and the incentives required to increase their participation in Gross Domestic Product. The study focuses on the most important economic sectors and the desired partnership between the public and private sectors. It also highlights the importance of reviewing the relevant legislation and legal framework.

News developments

Oman: Professional Visa Bans Extended

27/12/201711/12/2019
by Benjamin Filaferro

Oman’s Manpower Ministry has extended the professional visa ban for expatriates in various sectors for an additional six months. The relevant Decisions were issued on 21 November and apply to construction workers, cleaners, sales and marketing professionals. However the ban does not apply to visa renewals for these workers, companies registered excellent or of international grade, consultancies or those implementing Government projects. Companies managed full-time by their owners, registered with Riyada and insured with the Public Authority for Social Insurance will also not be affected. The ban first came into force in November 2013. The ban on sales and marketing professionals comes into force on 30 November whilst the ban for cleaning and construction workers comes into force on 1 December. The ban on carpenters, metallurgists, blacksmiths and brick kiln workers comes into force on 1 January 2018

Tag: Oman

Speakers