CONSTITUTIONAL PRINCIPLES AND REGULATORY FRAMEWORKS FOR PROMOTING AND INCENTIVISING INVESTMENT: A COMPARATIVE STUDY OF THE PROVISIONS OF COMMERCIAL AND CIVIL LAW IN ALIGNMENT WITH OMAN VISION 2040
DOI:
https://doi.org/10.18623/rvd.v23.n1.4138Keywords:
Foreign Investment, Foreign Investor, Legal Rules Governing the Investment Climate, National Economic Policy for Investment, Administrative Authority Granting InvestmentAbstract
The Sultanate of Oman, like many other countries around the globe, has seen the importance of investment grow substantially over the years. Most countries have constructed constitutional, administrative, and commercial frameworks around investment and its related issues such as public infrastructure, public monies and public mechanism, the protection of private and public assets, and the issuing of limited government contracts and investment authorizations over public assets. This research sought to identify the issues surrounding the area of investment in the Sultanate of Oman, on both a micro and macro level. This research also sought to determine the extent and sufficiency of the Omani legal framework as it pertains to investments and its alignment to the Oman Vision 2040, in order to provide greater insight on the scope of public authority and discretion to enter into investment agreements and the public authority to amend such agreements. This study used a descriptive and comparative analytical approach to assess Omani constitutional and commercial legislation in order to assess the extent to which the legislation provides an adequate and comprehensive legal framework to the investments of a domestic and foreign character. In order to prove our point, which is the aim of obtaining such awards, is that the investment must be confined to a jurisdiction where there is a legal framework that defends the rights of both the contracting party and the state awarding the concession and there are legal provisions that reasonably regulate the aforementioned rights of both parties. Hence this research will address the notion and the essence of investment both domestic and international, in order to explicate its legal qualification and the applicable legal provisions and the implications of such provisions on the parties. This justification will be accomplished in two principal parts.
References
1. Al-Dulaimi, Fares. Legal Guarantees for Investment Protection in Iraq, Published Research, Vol. 33, No. 3 (2022), Journal of Al-Ma’aref University College, Iraq.
2. Al-Hashimi, Mohammed bin Saif. Foreign Investment: Guarantees and Incentives (2024), Arab Studies Library for Publishing and Distribution, Sultanate of Oman.
3. Al-Juwayni, Ibrahim Mahmoud. Explanation of the New Omani Investment Law in Accordance with Royal Decree No. 50/2019 (2022), Dar Al-Kitab Al-Jami’i, First Edition, United Arab Emirates.
4. Al-Jubouri, Ammar Mohammed. Foreign Investment Guarantees – A Comparative Study (2017), Al-Halabi Legal Publications, Beirut, Lebanon, First Edition.
5. Alwan, Qasim Naif. Investment Management: Between Theory and Practice (2012), Second Edition, Dar Al-Thaqafa for Publishing and Distribution, Amman, Jordan.
6. Abdul Karim, Yusra. Supervisor: Prof. Dr Sabiha Hashim. Financial Investment Strategies – A Conceptual Framework (2016), Published Research, Journal of Economic and Administrative Sciences, Vol. 22, No. 88.
7. Abdullah, Abdullah Abdul Karim. Investment Guarantees in Arab States: A Comparative Legal Study of Key Arab Legislations and International Treaties, with Reference to the WTO and Its Role in This Field (2010), First Edition, Second Printing, Dar Al-Thaqafa for Publishing and Distribution, Jordan.
8. Anz, Jalal Hussein. Investment Contracts and the Applicable Law, Journal of the College of Law for Legal and Political Sciences, College of Law, University of Kirkuk, Vol. 1, No. 2 (Published 2012).
9. Layla Al-Yaacoubi. Investment in Tunisia: Provisions and Governance (2020), First Edition, Al-Atrash Group for Publishing and Distribution, Tunisia.
10. Fayyad, Muheeb Abdul Jabbar. Means of Settling Investment Disputes: A Comparative Study (2023), First Edition, Dar Al-Nahda Al-Arabiya for Publishing and Distribution, Cairo, Egypt.
11. Rashm, Mohammed Hassan; Mahdi Sabah Rahim; and Arslan Muaid Akram. Investment Laws in Iraq and Their Role in Attracting Foreign Investment (2019), Published Research, Tikrit University, College of Administration and Economics, Tikrit Journal of Administrative and Economic Sciences, Vol. 15, Special Issue.
II. Laws
1. Basic Law of the State of Oman issued pursuant to Royal Decree No. 6/2021.
2. Investment and Commercial Court Law, issued pursuant to Royal Decree No. 35/2025.
3. Kuwaiti Investment Law No. 8 of 2001.
4. Kuwaiti Investment Law No. 116 of 2013 and its amendments.
5. Constitution of the State of Kuwait (1962).
6. Saudi Investment Law, issued on 5/1/1421 AH.
7. Omani Foreign Capital Investment Law, issued pursuant to Royal Decree No. 50/2019, published in the Official Gazette, No. 1300.
8. Washington Convention (Convention on the Settlement of Investment Disputes Between States and Nationals of Other States), concluded on 18 March 1965.
Downloads
Published
How to Cite
Issue
Section
License
I (we) submit this article which is original and unpublished, of my (our) own authorship, to the evaluation of the Veredas do Direito Journal, and agree that the related copyrights will become exclusive property of the Journal, being prohibited any partial or total copy in any other part or other printed or online communication vehicle dissociated from the Veredas do Direito Journal, without the necessary and prior authorization that should be requested in writing to Editor in Chief. I (we) also declare that there is no conflict of interest between the articles theme, the author (s) and enterprises, institutions or individuals.
I (we) recognize that the Veredas do Direito Journal is licensed under a CREATIVE COMMONS LICENSE.
Licença Creative Commons Attribution 3.0
