State Council Discusses Mineral Wealth Draft Law

Muscat, The State Council today held the 18th session of the third annual sitting of the sixth term under the chair of Dr. Yahya bin Mahfoudh al- Manthri, Chairman of the State Council and discussed the Mineral Wealth Draft Law, which was referred by the Council of Ministers, the report of the State Council’s economic committee and the report of the Majlis A’Shura on this draft law. The State Council decided to form a technical darting committee under the chair of Dr. Yahya bin Mahfoudh al- Manthri, Chairman of the State Council to include the visions of the members on the draft law.

Honorable Sheikh Mohammed bin Abdullah al-Harthy, Chairman of the Economic Committee delivered a speech where he pointed out that the draft law includes 74 articles that are divided into five chapters namely definitions and general provision, licenses, concession agreement, penalties and final provisions.

He added that one of the main characteristics of this law is that the government has identified a number of aims that are in line with the governance standards and modern laws including providing investor-friendly business environment, facilitating and accelerating procedures to get mining permits, offering promising mining areas for investment, ensuring fair playground and transparency for all players, in addition to a number of good aims.

During their discussions, honorable members of the State Council highlighted the importance of supporting the mining sector, which is one of the five prioritized sectors at the 9th five-year development plan. They pointed out that the development of the sector will enhance its contribution to GDP which will have positive reflection on the Omani economy and will serve the aims of the comprehensive development plans.

Source: Oman News Agency