Muscat: A draft law to protect competition and prevent monopolies in the Sultanate has been finalised and referred to the Council of Oman, the Council of Ministers confirmed, on Monday.
In a wide-ranging statement on a variety of tracks of development for Oman, the Council of Ministers said it was working, "within the continuous keenness and interest accorded by His Majesty Sultan Qaboos bin Said towards pushing the wheel of development in the country to cover all of the economic, social, cultural and legislative areas."
The Council of Ministers has tasked the "competent authorities to consider the proposal to establish a centre for competition and prevention of monopoly in all its aspects for regulatory follow-up provisions in this area."
The Council of Ministers has also mandated the Capital Market Authority (CMA) to prepare a fund to assist people injured in hit-and-run accidents.
The Council has also approved a number of measures designed to protect the Sultanate from any "radiological emergencies".
Council reviews progress
The Council of Ministers on Monday issued a statement about the outcomes of its meetings since March 2014, which are relevant to tracks of development and following up the implementation of decisions relating to basic requirements of the society within the continuous keenness and interest accorded by His Majesty Sultan Qaboos bin Said towards pushing the wheel of development in the country to cover all of the economic, social, cultural and legislative areas.
The Council on Monday issued a statement enumerating the outcome of its meetings since March this year, explaining how these were relevant to development and helped track and implement certain key decisions.
All these efforts under the aegis of His Majesty, are aimed at ensuring progress in the country in all areas, such as economic, social, cultural and legislative. The statement reads as follows:
"As part of the continuous keenness and interest accorded by His Majesty Sultan Qaboos bin Said towards ensuring development and progress in the country to cover all economic, social, cultural and legislative areas, the Council of Ministers discussed since March 2014 a number of matters related to various tracks of development, in addition to following up on the implementation of the decisions relating to basic requirements of society.
In the light of the Royal blessing of His Majesty the Sultan to prepare the Oman Encyclopedia as a knowledge project for the generations, the Council of Ministers commended the accomplishment of this national work, which documents the rich Omani experience in various fields through the ages and will help preserve the historical identity of Oman. The Council expressed its appreciation for the efforts exerted by the Main Committee and everyone else who contributed towards completing this project.
In line with the developments in the economic arena and in an effort to attract more investment to improve the development zones in the country, especially the industrial ones, to continue to create an environment suitable for all business activities, to localise the national investment and to create employment opportunities commensurate with the increasing growth in population, the Council of Ministers was briefed on the draft system for the Public Establishment for Industrial Estates (PEIE) and assigned the Economic Committee of the Council to follow up on this issue in all its aspects, most importantly the incentives and facilities to investors.
In keeping with the economic transformation and opening of markets and related mechanisms to create a competitive economic environment based on competence in accordance with sound and fair rules and mechanisms to assist Omani economy to catch up with the world economy, the Council of Ministers finalised a draft law on protection of competition and prevention of monopoly and referred it to the Council of Oman. The Council tasked the competent authorities with con