Oman: Plans for Zero Emissions in Energy Sector

Oman Daily Observer, 23 September 2024: The Omani Ministry of Energy and Minerals has announced its plans for the energy sector in the Sultanate.

These include the aim to reach zero omissions by 2050. The strategy covers areas including energy efficiency, carbon capture, transport and storage. It is based on five principals. These include the organised transition to decarbonisation, enhancing local capabilities for energy transformation and promoting a low-carbon economy.

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Oman: Passenger Rights Protection Decision Issued

Al-Roya, 8 September 2024: The Official Gazette has published Oman Decision No. 757/2024 issued by the Civil Aviation Authority to issue the Regulation for the Protection of Passenger Rights.

Under this regulation, passengers cannot request compensation if they are informed by the airline about the cancellation of the journey 14 days before the planned departure date.

Additionally, airlines shall be responsible for damages caused by changing the date of the planned journey earlier than planned when international flights are cancelled or destinations are changed within 14 days from the original date, and they must compensate the passenger.

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Oman: Reconciliation in Labour Violations Explained

Atheer, 5 September 2024: The Minister of Labour has issued the Ministerial Resolution “Rules for Reconciliation in Labor Law Crimes” which allows violators to request reconciliation on condition that they pay a quarter of the maximum fine within 15 days from the date on which the approval is given.

The resolution states that the deportation of a non-Omani worker in two cases: if he works in a profession designated for Omanis or entered the country illegally, and the employer bears the costs of deportation.

It also stipulates the necessity of reconciliation within seven days of recording the violation, with the possibility of extending the period once, and the violator is not exempted from correcting the violation within 30 days from the date of reconciliation.

Article 143 of Oman Sultani Decree No. 53/2023 states that if an employer or representative fails to provide necessary facilities, or data, or provides incorrect information, they shall be punished with imprisonment from 10 days to 1 month, or get a fine of 1,000 to 2,000 Omani riyals, or both.

However, reconciliation is possible by paying a quarter of the maximum fine (500 Omani riyals) within 15 days of approval.

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Oman: Decision on List of Activities Prohibited from Foreign Investment Updated

Al-Watan, 2 September 2024: The Commerce, Industry and Investment Promotion Ministry has issued a decision to amend certain provisions of Oman Ministerial Decision No. 209/2020 on the specification of activities in which foreign investment is prohibited, limiting them to Omani investors only.

The aim is to stimulate local investment by allowing Omanis to establish projects in these activities and attract qualitative investments that enhance the business environment and competitiveness.

The decision, aligned with the Foreign Capital Investment Law, prioritises empowering small and medium enterprises that contribute to the Omani economy.

It serves as an incentive for Omanis to establish their own projects and create new job opportunities, as Omani investors can invest in all activities where foreign investment is prohibited.

This ensures that projects and activities related to national identity and Omani heritage remain unaffected.

Additionally, this decision regulates the foreign investment process by directing it towards activities that improve targeted sectors to achieve economic diversification.

It ensures that foreign investors benefit the national economy while achieving profitability during their operations.

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Oman: SPF Launches E-Portal for Employers to Verify Expat Worker Data and Update Wages

Times Of Oman, 27 August 2024: The Social Protection Fund (SPF) in the Sultanate of Oman has launched an electronic portal, www.spf.gov.om, to facilitate the provision of services to employers.

Starting from August 26, employers can verify the data of their expatriate workers and update their wages through this e-portal.

This move aligns with the government’s policies to transition to electronic governance and the SPF’s vision to provide transparent and distinguished services.

The SPF will issue monthly contribution invoices based on worker data and wages available on the portal.

The next invoice will be issued on 31 August 2024, with a payment deadline of 15 September 2024.

Employers are advised to familiarise themselves with the SPF e-portal and its functionalities, verify their workers’ data (both Omani and expatriate), update worker wages (if applicable) through the portal or relevant systems for government units, and regularly check the portal for any updates or notifications.

The registration and termination of employment contracts for Omani and expatriate insured persons at the SPF are automatically handled through bilateral linking of various systems.

For workers in government units operating the Mawred/Rio systems or those with a direct connection to the SPF, the process is seamless.

However, for workers in non-governmental sectors, including the private sector, the employer must ensure that the contracts are registered through the Ministry of Labour system.

Employers in non-governmental sectors and government units with a direct connection to the SPF must update the wages of their workers (Omani and expatriate) through the SPF’s electronic portal, ensuring prompt updates whenever there are changes.

For government units linked through the Mawred and Rio systems, wage updates should be made through those systems.

The contribution bill is calculated at the end of each month by the SPF based on the workers’ data and wages available on the Fund’s portal, making it crucial for employers to verify and update this information on a monthly basis.

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Oman: Financial and Administrative Control Authority Issues Warning

Shabiba, 15 August 2024: The State Financial and Administrative Control Authority has warned that there is no website other than their official website which was stated in a statement the Authority issue.

In addition, the Authority has stressed that it has no accounts on the social media platform other than those which are affiliated with the Authority which were also stated in the statement.

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Oman: Contractors Must Comply With Omanisation Targets

Oman Observer, 13 August 2024: The Ministry of Heritage and Tourism (MHT) has notified all contractors and suppliers who deal with it for various tenders regarding purchases and services to submit an electronic certificate issued by the Labour Ministry.

The certificates should prove that they are complying with requirements, including the Omanisation percentages approved by the government, provided that the certificate is valid for one month from the date of its issuance.

The certificate should be submitted when competing for government tenders and when requesting government services.

The ministry has also added that construction and service tenders will be awarded to companies that offer a 100% Omanisation rate in electricity, water, and maintenance services.

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Oman: More Services Added to Oman Business Platform

Shabiba, 28 July 2024: The Commerce, Industry and Investment Promotion Ministry has unveiled a series of enhancements and new facilities for investors and businesses through the Oman Business Platform.

These improvements aim to streamline processes, reduce bureaucracy, and create a more conducive environment for investment in Oman.

Among the key updates are simplified procedures for commercial registration services, including updating commercial register data and transferring ownership.

The ministry has also introduced improvements to license applications and registration processes for companies subject to the Foreign Capital Investment Law.

Notably, the ministry has reduced the number of required documents and prerequisites, contributing to a more user-friendly experience and enabling faster and more efficient transaction completion.

These measures are expected to significantly support the investment climate in Oman, making it more attractive for both local and foreign investors.

The ministry’s efforts align with the Oman’s broader strategy to diversify its economy and attract investments across various sectors.

By improving the ease of doing business and providing a supportive regulatory framework, Oman aims to position itself as a preferred destination for businesses seeking to establish or expand their operations in the region.

Investors and entrepreneurs can look forward to a streamlined and efficient process through the Oman Business Platform, enabling them to focus on their core business activities while benefiting from the government’s commitment to encourage a conducive investment environment.

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Oman: FSA Implements Unified Life Insurance Policy for Borrowers

Atheer, 25 July 2024: The Financial Services Authority (FSA) has confirmed the implementation of a new unified template for life insurance policies for borrowers.

This policy aims to standardise the terms and provisions governing the contractual relationship between borrowers, banks, and insurance companies.

Effective 1 June 2024, all parties involved in the insurance relationship, including insurance companies, banks, and borrowers, are required to comply to the provisions outlined in Oman Capital Market Authority Decision No. H/4/2024.

The FSA has emphasised the importance of compliance with the new policy.

The CEO of the Financial Services Authority had previously issued a decision to introduce the new unified template for life insurance policies for borrowers, establishing a legal framework to regulate the contractual relationship between the borrower, the bank, and the insurance company.

The document provides a unified framework for the terms and conditions of insurance coverage contracts offered by insurance companies to borrowers from financial institutions.

In the event of death or permanent total disability, the insurance company will bear the remaining balance of the loan, ensuring financial protection for the borrower and their heirs.

One of the key features of the document is that it guarantees the protection of the rights of life insurance policyholders for borrowers by specifying the basic and optional benefits of insurance coverage.

This initiative enhances the social safety net for citizens and residents in Oman by facilitating access to appropriate financing while providing protection for the borrower and their beneficiaries.

The document also states that insurance companies cannot reject a claim on the pretext of non-disclosure of any diseases after four years from the policy’s effective date.

The implementation of the unified life insurance policy for borrowers is expected to bring transparency, standardisation, and enhanced protection for all parties involved in the insurance relationship.

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