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British Trade Mission visits Oman

Global Arab Network - - George Haddad

Friday, 13 November 2009 10:52

A trade mission from Northern Ireland will visit Oman from November 20th-22nd 2009. The delegation is on an eight-day tour of the Sultanate, UAE and Qatar.

The delegation comprises 21 members of the mission who cover a wide range of sectors including Construction materials, consultancy services to the construction, engineering and oil and gas sectors, plastics, information systems, dairy products, nutrition and fitness, environmental engineering, specialized textile, products for hotels and airlines, human resources, quality management services, education and steel products.

During its visit the delegation will meet with a number of officials from the public and private sectors and their Omani counterparts to discuss enhancing trade and investment relations between the two countries, as well as, increasing trade exchange through opening up new marketing outlets for their products.

British businesses have performed well in the following sectors in Oman:
* Transport equipment (largely defence-related)
* Telecommunications
* Power-generating machinery
* Industrial machinery
* Electrical machinery
* Scientific instruments
* Pharmaceuticals
* Chemicals
* Invisible exports
There are plans to develop up the country’s fishing and tourism industries.

The major industries in Oman are oil, natural gas, agriculture and fishing. Oman’s economy grew by nearly seven per cent in 2007, supported by high oil prices (oil revenues make up over 40 per cent of GDP), an increase in natural gas output and buoyant activity in the non-hydrocarbon sector.

Oman values its good relations with its GCC partners (Bahrain, Qatar, Saudi Arabia, the United Arab Emirates and Kuwait), and has good working relations with Iran.

Although a small market for British goods, the UK has a healthy trading relationship with Oman. The UK is Oman’s third largest trading partner after the UAE and Japan. In 2007, British exports to Oman totalled £268 million, an increase of 27 per cent on 2006. UK exports are mainly industrial machinery and transport equipment, much of it associated with the oil industry, and power generating machinery and equipment. Defence export sales represent a considerable percentage of British exports to the Sultanate.

Omanisation policy
An important economic policy is ‘Omanisation’, the replacement of migrant workers with Omani nationals. The aim is to address the pressing need to provide work for the growing number of young Omanis, and prepare the country for the post-oil era.

As more educated Omanis become available for employment, private companies are expected to achieve certain levels of Omanisation. The aim of Omanisation is to limit the Sultanate’s dependence on expatriate staff. Non-Omanis are not permitted to work in Oman unless clearance has been obtained from the Ministry of Manpower. Employers must employ Omanis wherever possible and different sectors of industry are given different Omanisation percentages which must be met. Failure to reach industry targets results in liability to pay fines.

Contract Law
The approach adopted by the Commercial Court is that parties to a contract, particularly a commercial contract, are free to arrange their own affairs, subject to mandatory legislative provisions.

Jurisdiction and Governing Law
Omani law does not limit the choices of jurisdiction or governing law in contracts. The court holds the view that it has no objection on grounds of public policy or otherwise to a choice of a foreign law in preference to Omani law, provided that the parties to a case before it are able to bring evidence, and to agree upon that evidence, as to the chosen foreign law. However, a precedent has not been set in which the courts in Oman have applied a law other than the law of Oman..

Enforcement of Foreign Judgements
Oman has express reciprocal enforcement provisions which may be applied by the courts regarding foreign judgements or arbitral awards. These are subject to a number of conditions being fulfilled, including that both parties must have been correctly represented in the foreign court, that the judgement must not be contrary to Omani law, and that it must have been obtained in a jurisdiction in which Omani judgements or arbitral awards are enforceable.
Oman is a signatory to the International Centre for Settlement of Investment Disputes (ICSID) and has entered into a number of investment protection treaties with other states, including the UK and France.

Global Arab Network

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Last Updated on Sunday, 29 November 2009 21:29

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