Times of Oman - January 28, 2016

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THURSDAY

January 28, 2016 18 Rabi Al Thani 1437 AH

FROM THE WORDS OF HIS MAJESTY THE SULTAN

On the occasion of the 29th National Day, 1999

‘His Majesty’s Wisdom’ We urge the international community to work wholeheartedly to find solutions to all problems that are distressing the world and endangering peace. These solutions must relieve the oppressed from tyranny, establish security and stability, harmony and co-operation among all nations; God will help us.

Founded 1975 . Volume 40 No. 288 | 40 Pages . Baisas 200 . Subscription OMR63 | ISO 9001:2008 Certified Company | Chairman/Editor-in-Chief: Mohamed Issa Al Zadjali | Printed & Published by Muscat Media Group

M AU R I TA N I A

HM STRESSES ON ECONOMIC DIVERSIFICATION

HM receives thanks MUSCAT: His Majesty Sultan Qaboos bin Said has received a cable of thanks from President Mohamed Ould Abdel Aziz of Mauritania in reply to His Majesty’s congratulatory cable on the occasion of his country’s 55th Independence Anniversary. In his cable, President Ould Abdel Aziz expressed his utmost thanks for His Majesty the Sultan’s sincere feelings, praying to Allah to grant His Majesty a good health and happiness and the Omani people further progress and prosperity. -ONA

His Majesty Sultan Qaboos bin Said presided over the meeting of the Council of Ministers at Bait Al Baraka yesterday. His Majesty the Sultan emphasised the need for economic diversification and encouragement to investment. See also >A6 Photos by Mohammed Mustafa

100% ownership for foreign investors? 150,000

Expats may no

Omani rial is currently the minimum capital requirement for a foreign investor to start business in Oman

longer need an Omani partner to open a business TOP THREE INSIDE STORIES

OMAN

REJIMON K

1

MUSCAT: Expatriates will be allowed to start a business without an Omani partner and no minimum capital requirement will be necessary if a draft law prepared by the Ministry of Commerce and

A treat for stargazers

reji@timesofoman.com

Stargazers can watch a celestial phenomenon involving five planets if they climb a mountain. >A3

Industry (MoCI) is approved by the government. The new foreign capital investment law, which is in its third and final drafting stage, will allow 100 per cent foreign ownership and remove the minimum capital requirement to provide foreign investors with an open market in Oman.

OMAN

Omantel’s TV service

2

Omantel announced the launch of OmantelTV+ service. >A6

MARKET

Deal for car unit

3

A car manufacturing facility has been planned in Duqm. >B1

A makeover for traditional jewellery

MORNING MINUTE

A3

W E AT H E R A D V I S O RY

Dust, sandstorms to hit Oman; temperature expected to drop Weather forecast

January Wednesday 27

(Muscat)

Temperature (in degrees Celsius)

6:35 am

Thursday 28

Friday 29

Saturday 30

Sunday 31

Monday 1

Tuesday 2

5:35 pm

30 26

25

15 30 20 10 0

26 22

20

Wind speed (Km/h)

February

20

18

17

16 21

29

26

Source: The Weather Channel | Oman Meteorological Department

Times News Service MUSCAT: Temperature is expected to drop from Wednesday as northern parts of Oman will witness dust and sandstorms in the coming three days, reducing the visibility, according to the Meteorological Department. “The latest analysis from the Multi Hazard Early Warning Centre showed that the northern parts of the Sultanate will be affected by an upper air trough starting from Wednesday that will continue for the next three

23

20

Day Night 24

23

22

21

days,” the Meteorological Department said in an advisory issued on Wednesday. Fresh north-westerly winds are expected to blow over most of Oman, associated with a noticeable decrease in temperature and dust rising winds. “The sea is expected to be moderate to rough along most of the coasts, with maximum wave height ranging between two and three metres,” the advisory added. The Public Authority for Civil Aviation has advised citizens and residents to take precautions

16

15 21

18

21

Graphics

during low visibility. “We also advise that the fishermen and sea-goers should make sure that the sea conditions are not unstable and they should follow the latest updates from National Multi Hazards Early Warning Centre,” an official said. In its 24-hour outlook, the Meteorological Department said that the weather is expected to be cloudy over the Musandam governorate, coastal areas of the Sea of Oman and Al Hajar Mountains, with chances of isolated rain from Wednesday until Thursday night.

“A number of multinationals are unwilling to have a local shareholder for their own reasons including, commercial, operational, legal, etc. Therefore, such multinationals, that are reluctant to invest in Oman due to this requirement, will be attracted under the new law to invest in Oman,”

Ahmed Amor Al Esry, managing partner at Ernst and Young (EY) Muscat, told the Times of Oman. Under the current law, foreign investors are required to have a local shareholder, with at least a 35 per cent stake. On Monday, the ONA had reported that in collaboration with the World Bank, the MoCI has completed the third draft of the new foreign investment law and the revision of the foreign investment map. Quoting Sheikh Hamad bin Jabr Al Mahrouqi, director general of Planning and Follow-Up, at the MoCI, ONA reported that the new law would provide a conducive environment for investment and make Oman more attractive for investments. >A6

CMA

Firm told to scrap new insurance fee on vehicles Times News Services MUSCAT: Oman’s Capital Market Authority (CMA) has directed one of the insurance companies in Oman to stop charging a new type of insurance fee, according to the CMA’s official Twitter account. The CMA said the decision had been taken following a number of complaints about the new vehicle insurance fees, following which CMA had ordered the insurance company to stop levying the new fee and stick to the old system. The regulatory body tweeted that it had also asked the insurance company to provide documents justifying its move to apply the new vehicle insurance fee.


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