Ministry of Housing and Urban Planning issues new decision | Times of Oman

Ministry of Housing and Urban Planning issues new decision | Times of Oman

Muscat: The Ministry of Housing and Urban Planning has issued a Ministerial decision about controlling company ownership of land and real estate in the country. His Excellency Dr. Khalfan bin Saeed Al Shuaili, Minister of Housing and Urban Planning has issued Ministerial Decree No. 45/2021 regarding controls for companies' ownership of land and real estate to practice the activity and it's comes as follow : Article one stipulates that company owners holding Omani nationality, and companies wholly owned by citizens from any of the GCC countries may own the lands and real estate necessary to carry out the activity licensed for purchase, in accordance with the legislation in force, and in accordance with the following controls: 1- The ownership of lands and real estate necessary to carry out the activities of the company licensed in the commercial registry. 2- Companies own land and real estate in an area commensurate with the actual needs of the activities licensed in the commercial registry. 3- Companies 'ownership of land and real estate be limited to purchase in residential, commercial, commercial, industrial and tourism uses. 4 - Companies exploit more than (50%) of the area of land and real estate to practice activities registered