Advocacy Forum Explores Legislation's Role in Boosting Foreign Investments in Oman

The 7th Advocacy Forum, held under the patronage of Sayyid Khalifa Said Al Busaidi, Chairman of the Supreme Court, convened in Muscat to address a critical question: How can national legislation encourage foreign investments? Lawyer Khalifa Marhoon Al Rahbi, Vice Chairman of the Omani Lawyers Association, set the stage by highlighting that this forum seeks to enhance legislative frameworks conducive to promoting foreign investment aligned with Oman's national goals.

International Insights and Collaborations

Carlo Mastellone, President of the International Association of Lawyers (UIA), emphasized the value of leveraging global experiences. He praised Oman's proactive approach in organizing such a significant forum, underscoring legislation’s pivotal role in attracting foreign investments.

The forum featured two comprehensive sessions, each presenting various working papers to foster dialogue and exchange ideas among attendees. A key highlight was the signing of a memorandum of understanding (MoU) between the Omani Lawyers Association and the Emirates Association for Lawyers and Legal.

Key Recommendations from the Forum

As the event concluded, participants outlined several strategic recommendations:

• Enhancing Transparency: Proposals included refining investment laws to ensure clarity and transparency for foreign investors, coupled with tax and customs incentives aimed at attracting companies, especially in sectors like renewable energy, technology, and tourism.
• Legal Protections and Efficiency Improvements: The need to bolster legal protection for investments through specialized courts or judicial bodies was highlighted. Additionally, the efficiency of laws concerning foreign ownership was discussed, with suggestions to review regulations on land and real estate ownership by foreigners to stimulate long-term investments.
• Promoting Partnerships: Encouraging flexible legal systems that foster partnerships between foreign and local investors while safeguarding all parties' rights was emphasized as crucial for sustainable growth.
• Balancing National Interests: The discussions also focused on the importance of balancing foreign investment attraction with national interest protection, aligning these efforts with Oman Vision 2040 to promote a secure and sustainable investment environment.

A Commitment Towards Sustainable Investment Growth

The forum not only underscored the Sultanate’s dedication to creating an appealing investment climate but also reflected its commitment to achieving economic development in harmony with national objectives. As Oman continues on its path toward Vision 2040, such forums are pivotal in shaping a legislative framework that supports sustainable growth and international collaboration.