The Public Authority for Special Economic Zones and Free Zones in Oman has decided to issue new executive regulations for the law on special economic zones and free zones. This action aims to strengthen the investment environment and increase the attractiveness of these areas to attract quality and strategic projects.
Executive Regulations and Their Impact on Investment
Regulation No. 81/2026 is introduced as a key milestone in clarifying the executive framework of the mentioned law. This regulation will enhance investor confidence and create an efficient and sustainable environment for businesses. It also regulates the various stages of the investor's journey from land or property allocation to operation and utilization of the stipulated benefits and exemptions.
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The Role of the Chairman of the Board in Achieving Investment Goals
Qais Mohammed Al-Yousef, Chairman of the Board of the Public Authority for Special Economic Zones and Free Zones, emphasized that the issuance of executive regulations is an important step towards achieving the goals of the law on special economic zones and free zones to develop and integrate the legal framework governing investment in these areas. These regulations will particularly play a significant role in increasing legal guarantees and transparency in processes, facilitating the stages of attracting domestic and foreign investments.
Al-Yousef stated that this organization views legislation as a tool to improve the investor experience and increase the efficiency of the business environment. He also explained that the new regulations have transformed several principles of the law into practical procedures and emphasize simplifying the investor journey and strengthening the role of the one-stop service center.
Facilitation and Transparency in Processes
The executive regulations also enable the Special Economic Zones and Free Zones Authority to collaborate with other governmental and non-governmental entities to sign agreements to regulate services related to the one-stop service center. These agreements will include the scope of services, responsibilities, authorities, and necessary timelines for conducting transactions.
Other notable features of the new regulations include the possibility of automatic issuance of licenses through the one-stop service center after the automatic verification of data and documents. These measures will help increase transparency and efficiency in investment processes and reduce the time required for decision-making on applications.
Overall, these regulations serve as an effective tool for attracting quality investments and creating an attractive environment for economic projects with a positive impact towards achieving Oman Vision 2040 in diversifying the economy and increasing the competitiveness of the business environment in the country.
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