His Majesty Sultan Qaboos bin Said has issued Royal Decree No. 77/2004 promulgating the Privatization Law, Times of Oman reported.
The new law will be applied to public utilities, which are being privatized or restructured in preparation for sales to private sector.
Meanwhile, the decree annuls Royal Decree No. 42/96 endorsing the aforementioned privatization policies and regulations. It also empowers Minister of National Economy to issue, in coordination with concerned ministers, the required regulations and decisions to implement the provisions of this law.