Non-Omanis (except for GCC and US citizens) cannot own more than 70% of shares of a company (The status of wholly foreign-owned company is rarely granted). Minimal share of the Omani citizen must be 30%. Foreign investors are further required to employ Omanis in addition to expatriates.
Acquisition of Holdings
The foreign share of in an Omani company cannot exceed 49% of the total capital (can be exceptionally raised to 65% or 100% by a decision of the Omani Minister of Commerce and Industry). Foreigners can only purchase shares in the Muscat Stock Exchange via an authorised broker. Real estate brokerage services, which were also limited to authorised Omani brokers, have been opened up to all Omani residents as of January 2018.
Obligation to Declare
Applications for foreign investment licence must be addressed to the Foreign Capital Investment Committee within the Ministry of Commerce and Industry. The Committee gives its opinions on the identification of the investment fields and the extent to which the project can be considered as one of the economic development projects while also giving priority to projects that use local products and raw materials, and attract internationally reputed industries. The Minister has the final say on the granting of licence.
Public authorities reserve the right to inspect compliance of foreign investment projects with environment, health and other standards at any stage of operation. 70%-foreign ownership rule does not apply to investments in the electricity and water sector where 100% foreign ownership is allowed. The Omani government can exceptionally extend foreign ownership rights of a company upon recommendation of the Minister of Commerce and Investment stating that the proposed investment activity is crucial and critical to the economic development of and to the national interests of Oman.
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