The Economic and Financial Committee of the Shura Council met today (Sunday) with specialists from the Ministry of Energy and Minerals, as part of its discussions on the draft amendment to certain provisions of the Mineral Resources Law referred by the Government. During the meeting, the Committee listened to a detailed briefing on the background underpinning the preparation of the draft amendment, as well as the key objectives the Government seeks to achieve through updating specific provisions of the law, in a manner that contributes to developing the regulatory framework of the mineral resources sector and enhancing its efficiency.

At the outset of the meeting, the Chairman of the Economic and Financial Committee welcomed the specialists from the Ministry of Energy and Minerals, commending their role in preparing and drafting legislation regulating the mineral resources sector, and praising the efforts exerted to develop the law in line with the State’s current requirements. This comes within the Sultanate of Oman’s ongoing efforts to modernize and develop its legislative system in a manner consistent with government orientations and strategic objectives, and supportive of the goals of Oman Vision 2040, particularly with regard to diversifying sources of national income and maximizing the utilization of mineral resources.
During the meeting, Members of the Committee engaged in a series of discussions and inquiries with the specialists, focusing on various legislative and regulatory aspects of the draft amendment, with the aim of reaching a comprehensive legal formulation that serves the development plans of the mineral resources sector, enhances its economic efficiency, and maximizes the expected returns, in line with the rapid developments in the legislative environment of the Sultanate of Oman.
The discussions also addressed the importance of striking a balance between investment requirements and the protection of natural resources, as well as the need to create an attractive and enabling legislative environment for local and foreign investments in this vital sector, in a manner that supports the national economy and contributes to the creation of sustainable employment opportunities, without prejudice to the prevailing legislative framework in the Sultanate of Oman.
Committee Members further discussed ways to align the amended provisions of the draft law with economic development objectives, and their implications for regulating exploration, mining operations, and the optimal utilization of mineral resources. The discussions also covered regulatory and procedural frameworks related to licensing and oversight, with the aim of strengthening governance and transparency in the management of the sector.



It is worth noting that the draft amendment to the Mineral Resources Law comes as a replacement for the current law issued under Royal Decree No. (19/2019), as part of a legislative review intended to enhance the efficiency of the legal framework governing the sector and ensure its alignment with economic and developmental changes.
In another item on the agenda, the Economic and Financial Committee approved its reports concerning a number of proposed motions, including a proposed motion on supporting national factories, a proposed motion on evaluating the attraction of global low-cost airlines at Sohar Airport, and a proposed motion on assessing the establishment of a national financing guarantee center for small and medium enterprises, in preparation for submitting these reports to the upcoming sessions of the Council.
The meeting was chaired by the Chairman of the Economic and Financial Committee, and attended by the Members of the Committee.