A joint meeting held today (Monday) between the Economic and Financial Committee and the Legislative and Legal Committee of the Shura Council resulted in a consensus on the majority of articles and provisions of the draft amendment to the Mineral Wealth Law, promulgated by Royal Decree No. 19/2019. This final draft is prepared for deliberation during the Council’s forthcoming regular sessions.
During the session, the committees reviewed the proposed amendments. The Legislative and Legal Committee presented its opinion on the legal formulations and the impact of the proposed changes on the Sultanate’s legislative framework. In parallel, the Economic and Financial Committee outlined its views on the economic and financial dimensions, particularly regarding the regulation of mineral resource exploitation and the enhancement of management efficiency. The meeting also addressed articles of divergence between the two committees to reach a unified stance, while reviewing further proposed amendments to several provisions.
It is worth noting that the Economic and Financial Committee had previously held a consultative meeting with the Ministry of Energy and Minerals to study the technical and economic perspectives, the justifications for the amendments, and the challenges associated with the implementation of the current law. This process ensures an integrated and comprehensive vision regarding the draft amendment referred by the Government.
The project to amend the Mineral Wealth Law aligns with the economic and regulatory developments in the mining sector. It aims to enhance the sustainable exploitation of mineral resources, maximize In-Country Value (ICV), and regulate the relationship between competent authorities and investors within a clearer and more flexible legal framework.
The meeting was attended by H.E. Ahmed bin Said al Sharqi, Chairman of the Economic and Financial Committee, and H.E. Dr. Ahmed bin Ali al Saadi, Chairman of the Legislative and Legal Committee, in the presence of Their Excellencies the members of both committees.