HM the Sultan issues Royal Decree

Muscat: His Majesty Sultan Haitham bin Tarik today issued Royal Decree No. 84/2023 on restructuring Oman Development Bank. It reads as follows:

Article (1) stipulates that the name of “Oman Development Bank” shall be amended to “Development Bank” and that the provisions of the bylaw attached to this decree shall be applied in this regard.

Article (2) states that the Development Bank shall draft its articles of association in accordance with the Commercial Companies Law promulgated under Royal Decree No. 18/2019.

Article (3) states that the provisions of this decree and the bylaw attached to it shall not prejudice the rights or obligations arising prior to its date of enforcement.

Article (4) says that the Minister of Finance shall issue the Executive Regulation of the bylaw attached to this decree, along with the decisions necessary for its enforcement. Till such time, the existing regulations and decisions shall continue to be applied without prejudice to the provisions of this decree or the bylaw attached to it.

Article (5) cancels all that contradicts this decree and the attached bylaw or contravenes their provisions.

Article (6) says that this decree shall be published in the Official Gazette and enforced from the day following its date of publishing.