Legislative framework for public private partnerships in the Sultanate of Oman

IF 1.3 Q3 MANAGEMENT
S. Wamuziri
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Abstract

An effective regulatory framework is essential to attract international investment in infrastructure development and public services through public-private partnerships (PPPs). A transparent and predictable regulatory environment makes PPPs work in the long-term as this enables private sector participants to manage long-term risks in the most effective and efficient way. The Sultanate of Oman has taken bold steps to translate its aspirations stated in Oman Vision 2040 into sustainable projects. The interest of private sector investors in PPP projects requires clear guidance on potential sources of finance and a reliable political, administrative and regulatory framework. The legal framework for PPP in Oman consists of four key pieces of legislation. The Foreign Capital Investment Law (Royal Decree No. 50/2019) outlines the procedures for application of an investment project license and provides for investment incentives and guarantees to international investors. The Law of Privatization (Royal Decree No. 51/2019) provides a transparent framework for awarding of privatization contracts. The Public Private Partnership (PPP) law (Royal Decree No. 52/2019) outlines the procedures for tendering and award of PPP projects and the essential elements of PPP contracts. The Bankruptcy Law in Oman (Royal Decree No. 53/2019) updates the law on corporate distress and introduces concepts of corporate restructuring, preventative composition and bankruptcy filing procedures. These four Royal Decrees are evaluated in this paper. The Royal Decrees promulgated in succession by the Sultanate of Oman bring privatization and PPP policy in line with international best practice and constitute a central component of the nation’s strategy and supply side reforms to diversify the economy.
阿曼苏丹国公私伙伴关系的立法框架
有效的监管框架对于通过公私伙伴关系吸引基础设施发展和公共服务领域的国际投资至关重要。透明和可预测的监管环境使公私合作能够长期发挥作用,因为这使私营部门参与者能够以最有效和高效的方式管理长期风险。阿曼苏丹国已采取大胆措施,将《阿曼苏丹国愿景2040》中提出的愿望转化为可持续项目。私营部门投资者对PPP项目的兴趣需要明确的潜在资金来源指导和可靠的政治、行政和监管框架。阿曼公私合作伙伴关系的法律框架由四项关键立法组成。《外国资本投资法》(第50/2019号皇家法令)概述了投资项目许可证的申请程序,并为国际投资者提供了投资激励和保证。《私有化法》(第51/2019号皇家法令)为授予私有化合同提供了一个透明的框架。《公私伙伴关系法》(第52/2019号皇家法令)概述了公私伙伴关系项目的招标和授予程序以及公私伙伴关系合同的基本要素。阿曼《破产法》(第53/2019号皇家法令)更新了有关企业困境的法律,并引入了企业重组、预防性重组和破产申请程序的概念。本文对这四项皇家法令进行了评价。阿曼苏丹国相继颁布的皇家法令使私有化和公私合营政策符合国际最佳做法,并构成国家战略和供给侧改革的核心组成部分,以实现经济多样化。
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来源期刊
CiteScore
4.00
自引率
16.70%
发文量
32
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