Oman Development Bank Restructured as Development Bank by Royal Decree

His Majesty Sultan Haitham bin Tarik has taken a significant step by issuing Royal Decree No 84/2023 for the restructuring of the Oman Development Bank.

The decree, issued on Monday, lays out crucial provisions:

Bank Renaming

Article 1 specifies a pivotal change - the renaming of the 'Oman Development Bank' to the 'Development Bank.' The bylaw attached to this decree will guide this transition.

Compliance with Company Law

Article 2 emphasizes that the Development Bank must align its articles of association with the Commercial Companies Law outlined in Royal Decree No. 18/2019.

Rights and Obligations

Article 3 ensures that the decree and its attached bylaw will not affect any existing rights or obligations before its enforcement.

Executive Regulation

Article 4 designates the Minister of Finance to issue the Executive Regulation for the attached bylaw. Until then, existing regulations will persist, ensuring compliance with the decree and its attached bylaw.

Cancellation and Enforcement

Article 5 nullifies any contradictory regulations and emphasizes the enforcement of the decree and its attached bylaw.

Gazette Publication and Effectiveness

Article 6 stipulates that the decree will be published in the Official Gazette and enforced from the day following its publication. This marks a significant change in Oman's banking landscape as the restructured entity, the 'Development Bank,' comes into effect.