Royal Decree No. 51/2019 issuing the Privatization Law.

The Privatization Law, consisting of 21 articles, outlines the legal framework for privatizing government assets and facilities and applies to any public project wholly or partially owned by the Government that the Council of Ministers decides to transfer to a private entity. The general targets of the law are to (i) modernize Oman's economy and diversify its sources of GDP by reducing its reliance on the oil and gas industry; (ii) align with Oman Vision 2040, which seeks to create a more diversified and sustainable economy; and (iii) liberalize the economy and encourage private sector investment. The Law governs privatization projects and the conversion of public projects into companies, emphasizing transparency, equality, and free competition in all bidding and awarding procedures, while also safeguarding the rights and benefits of employees affected by privatization and allowing for up to 100% foreign ownership in privatized entities. The Ministry of Finance is the lead body for implementing the Privatization Law.