Oman Ministerial Decision No. 41/2017 On the Controls of Ownership of Real Estates by Companies to Practice the Activity

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Abrogates

Oman Ministerial Decision No. 43/1998 dated 29/04/1998.

Based on the Lands Law issued by Oman Sultani Decree No. 5/1980;

Real Estate Register Regulation issued by Oman Sultani Decree No. 2/1998;

Oman Ministerial Decision No. 43/1998 on the controls of ownership and registration of real estates by companies; and

Based on the public interest requirements;

The following has been decided:

Article 1

The companies of Omani Nationality and the companies which are totally owned by Nationals of the GCC Countries may own, by purchase, any lands and real estates deemed necessary for the practice of the activity for which licence is issued, according to the legislations in force and as per the following controls:

  1. The value of the real estate shall be proportional to the capital of the company as indicated in the Commercial Register.

  2. The ownership shall be restricted to the real estates deemed necessary for the establishment of administrative offices, accommodation for employees, warehouses, exhibitions, or for tourism purposes.