Muscat: The draft of a new companies law was discussed at a high-level meeting on Monday.
The Economic Committee of the State Council discussed the draft law of commercial companies referred by Majlis Al Shura during its fifth meeting of the third annual sitting of the sixth term under the chair of the honorable Sheikh Mohammed bin Abdullah Al Harthy, Head of the Committee.
The government attaches great importance to commercial companies as the mainstay of the national economy.
The commercial companies in the Sultanate have witnessed remarkable growth in terms of their number and capital.
The draft new companies law comes to make amendments in many provisions of the current Commercial Companies Law No. (4/74), due to the passage of a long period of time since issuance, which requires the development of a new law to keep pace with local and global developments.
The meeting also approved the minutes of the previous meeting of the Committee and follow-up of the decisions taken thereon, reviewed the latest developments, and took the necessary measures in their regard.