Sultanate of Oman - Ministry of National Economy - StratigicProjectsIndex
THE PRIVATIZATION LAW
Sultanate of Oman - Ministry of National Economy - Privatization Law
Royal Decree 77/2004
Promulgating the Privatisation Law
We Qaboos bin Saeed Sultan of Oman
Pursuant to:
The Basic Statute of State issued by The Royal Decree 101/96,
The Commercial Companies Law issued by The Royal Decree 4/74, as amended,
The Customs Law issued by The Royal Decree 22/78, as amended;
The Land Law, issued by The Royal Decree 5/80, as amended;
The Companies Income Tax Law, issued by the Royal Decree 47/81, as amended;
The Government Tender Law and Regulations, issued by The Royal Decree 86/84 as amended;
The Law of Omani Government Post-Service Pension & Gratuities, issued by The Royal Decree 26/86, as amended;
The Social Security Law issued by The Royal Decree 72/91 as amended;
The Foreign Capital Investment Law, issued by The Royal Decree 102/94, as amended;
The Policies and Rules of Privatisation approved by The Royal Decree 42/96;
The Financial Law issued by The Royal Decree 47/98 as amended;
And the Capital Market Law issued by The Royal Decree 80/98;
And in accordance with the exigencies of the public interest.
HAVE DECREED THE FOLLOWING
Article (1):
The attached Privatisation Law shall be enforced.
Article (2):
The provisions of this law shall apply to the public utilities, which are to be Privatised or restructured prior to their Privatisation. The provisions of Article (24) and (25) of this law shall apply to the public utilities, which have been Privatised or restructured prior to their Privatisation as from 1st August 1999, which Privatization or restructuring laws have not provided for the settlement of the positions of their employees before Privatisation or restructuring.
Article (3):
The abovementioned Royal Decree 42/96 approving the policies and rules of Privatisation referred to above shall be repealed.
Article (4):
The Minister of National Economy after coordination with the concerned Ministers shall issue the necessary regulations and decisions for the implementation of the provisions of this law.
Article (5):
The Minister of National Economy after coordination with the concerned Ministers shall issue the necessary regulations and decisions for the implementation of the provisions of this law.
In the application of this law, unless the context otherwise requires, the following words and expressions shall have the meanings assigned to each of them:
The Minister The Minister of National Economy.
The Ministry The Ministry of National Economy.
The Concerned Minister Each Minister within the scope of his ministry or the chairman of a government unit, public corporation, or public institution.
Project Agreements The agreements, licenses and contracts concluded by the government or the companies or the government corporations or institutions in respect of the Project.
Project Company The company with which the government or the government corporations or institutions contract in respect of the Project in accordance with the terms provided for in the agreements, contracts or licenses granted in relation to the Project, and also the government company constituted for the restructuring of the utility prior to its Privatisation.
Privatisation The transfer of ownership, or the management or leasing of the government utilities or entities to the private sector in accordance with the provisions of this law.
The Project The project which the Council of Ministers decides to Privatise.
Retirement Fund The Pension Fund that an employee is subject to according to the entity he works for.
Economical Analysis
