In 2013 Dubai’s government announced the framework of its plan to become the centre of the global Islamic economy. The scale of this cannot be underestimated. The aggregate GDP of Islamic countries worldwide is more than $8trn, added to which will be significant Islamic business elsewhere. The plan includes a number of elements from Islamic...
This chapter contains an overview of the draft of the new companies law, which clarifies rules for investment and covers a number of important exemptions in the law. There is also an explanation of the new competition law, which was recently enacted by the UAE government.
This chapter contains a viewpoint from Michael Kerr, Regional Managing Partner, Dentons.
The sultanate’s economy continues to enjoy the benefits of petroleum wealth, which has provided budget surpluses in most years and served as a backbone for growth. However, planning is well under way for an era in which oil will not be the main economic driver, with the twin goals of diversification and creating an increased number of private sector jobs at the top of the government’s current agenda.
OVERVIEW OF THE LEGAL FRAMEWORK: The Basic Statute of the State – Royal Decree (RD) No. 101/1996, as amended – serves as Oman’s constitution and is the bedrock of all laws. Recent amendments to the Basic Statute empower the legislature with extensive legislative powers. All primary legislation is...
Over the last few decades, Oman has been far less exposed to economic vagaries than its regional and global counterparts, principally due to its prudent economic and fiscal policies and early recognition of the need for economic diversification and strengthening of non-hydrocarbon sectors. This approach has focused on areas where the country has...
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