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Find out moreWelcome to this edition of Law Update, where we focus on the ever-evolving landscape of financial services regulation across the region. As the financial markets in the region continue to grow and diversify, this issue provides timely insights into the key regulatory developments shaping banking, investment, insolvency, and emerging technologies.
2025 is set to be a game-changer for the MENA region, with legal and regulatory shifts from 2024 continuing to reshape its economic landscape. Saudi Arabia, the UAE, Egypt, Iraq, Qatar, and Bahrain are all implementing groundbreaking reforms in sustainable financing, investment laws, labor regulations, and dispute resolution. As the region positions itself for deeper global integration, businesses must adapt to a rapidly evolving legal environment.
Our Eyes on 2025 publication provides essential insights and practical guidance on the key legal updates shaping the year ahead—equipping you with the knowledge to stay ahead in this dynamic market.
On 30 March 2023, the maritime sector in the Sultanate of Oman (“Oman”) was introduced to a significant development, through the issuance of the Royal Decree No. 19/2023 (the “Decree”) by His Majesty Sultan Haitham bin Tariq. The Decree promulgates a new Maritime Law (the “Law”) for Oman, with the aim of enhancing the growth of Oman’s maritime sector, together with prioritising the importance of navigational safety, seafarer protection and environmental preservation. Furthermore, the Law encourages the development of shipbuilding and commercial maritime operations.
Notable features of the Law encompass updated regulations for maritime personnel, including maritime labour contracts, vessel registration under the Omani flag, maritime accidents and penalties, maritime liens and enforcement, while also including provisions for ship agents, cargo agents, freight forwarders and brokers.
The Decree repeals the Maritime Law enacted by Royal Decree No. 35/81 and the Law on Regulating Navigation in Regional Territorial Waters enacted by Royal Decree No. 98/81, together with any other related laws and regulations that may be in conflict with the provisions of the Law.
We are closely monitoring the developments and the issuance of regulations and decisions by the Ministry of Transport, Communications, and Information Technology of Oman, which is the authority empowered to issue the required Regulations and Decisions for the implementation of the Law.
Al Tamimi & Company possesses rights of audience to represent our clients in Oman, should a dispute arise. Through our established Omani office, we maintain an active presence in the country, ensuring we are well-prepared to address any legal matters that may emerge.
Should you have any inquiries or need support in understanding the provisions of the Law with respect to specific matters and your business operations, our team of legal experts is available to provide comprehensive guidance and assistance.
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