Oman to Allow Foreign Investment in Mining Sector
Oman plans to allow foreign companies to carry out mining activities in the Gulf Arab state, the Omani News Agency (ONA) reported on Monday.
“The sultanate will draft, before the end of 2001, a new mining law that will facilitate investments in various mining sectors,” ONA quoted a commerce and industry ministry official as saying.
Hilal Al Azri, the general manager of the ministry's minerals department, said the new legislation would permit foreign firms to invest in mining for copper, gold, chromium, silver, iron and magnesium.
Azri said preliminary studies indicated that Oman had “large amounts of minerals in various areas.”
The reform comes under a bid by the sultanate, which joined the World Trade Organization (WTO) last year, to modernize its commerce laws, the official said – Albawaba.com
© 2001 Al Bawaba (www.albawaba.com)
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