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Legal Market Overview

Under the leadership of Haitham bin Tariq Al Said, Oman continues to go advance with its Vision 2040 plan, introducing legal reforms that have potential to boost the economy and development of the country in the years to come. Known as Tanfeedh, or the National Programme for Enhancing Economic Diversification covers amendments to foreign investment, company law, privatisation, public-private partnerships (PPPs) and bankruptcy law.

Though still overwhelmingly reliant on the oil industry, Oman’s fervour for renewable energy and sustainable project remains stronger than ever, bolstered by the ambitious target set by the National Energy Strategy aiming to generate 30% of its electricity from renewable sources. Notable examples are the ongoing procurement of the Manah Solar I and Manah Solar II Independent Power Projects and the $300 million investment in wind energy in the Wilayat of Jalan Bani Bu Ali in South Sharqiyah Governorate.

Omani firms such as Al Busaidy, Mansoor Jamal & Co, Al Alawi & Co. Advocates & Legal Consultants and Said Al-Shahry & Partners (SASLO) are still very much in demand for local Omani expertise and rights of audience before local courts. The Muscat Stock Exchange recently announced the removal of restrictions on foreign ownership of listed companies, which is expected to encourage foreign companies and law firms to expand their reach in the Gulf and establish offices in Muscat