This month we bring you a special focus on a continent that boasts the world’s largest free trade area, a diverse economic make-up and increasing political stability. The latest edition of Law Update focuses on Africa, a territory that continues to be an attractive business and investment destination.
Like the rest of the world, Africa is still re-building from the impact of COVID-19, however, there continues to be an optimistic view of the opportunities the continent presents. An example of the appetite for investment into Africa was captured in a report we commissioned, titled Legal Leaders in MENA. Our survey of legal leaders revealed a resounding desire to expand into new territories, with 81% naming Africa as their investment destination of choice.Read the full edition
Oman’s Ministry of Commerce and Industry is in the latter stages of implementing a new foreign investment law which was drafted with consultation from the World Bank. The stated purpose of the new law is clear: attract a greater variety of global investors to the Omani economy.
While still in draft form and subject to final review by the legislative and administrative bodies, if the new law is approved in its current form it is likely to contain provisions which achieve the following:
Key Sectors to Benefit
The new law, if passed, will resonate positively with global investors and provide additional encouragement to capitalise on a market where transparency and ease of doing business have improved considerably in recent years, according to figures collected by independent bodies.
With a population that grew by 8 percent between the end of 2014 and September 2015, demand for financial services, tourism, hospitality, manufacturing, and healthcare is poised for rapid growth as Oman makes strides towards its Vision 2020 programme of economic diversification.
Once approved, the new foreign investment law could dovetail well with the proposed new law on the mining of Oman’s rich reserves of metals and minerals as investors look towards the start of the next upturn in the commodities cycle.
A further update will be issued later this year once the new law has been ratified and passed.