Nine Royal Decrees Issued at the Start of 2025: Budget Approval, Banking Reforms and Key Appointments

His Majesty Sultan Haitham bin Tarik issued nine Royal Decrees on the first day of 2025, addressing key areas such as the approval of the 2025 State Budget, reforms in the banking system, and significant appointments in key institutions. These decrees signal a new phase of governance, financial sustainability, and economic development for Oman.

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Royal Decree No. 1/2025: Approval of the 2025 State Budget

• Ratifies the State’s General Budget for the Fiscal Year 2025, as per the attached tables.
• Implementation is mandatory for all public entities starting January 1, 2025.

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Royal Decree No. 2/2025: Implementation of New Banking Law

• Replaces the previous banking law (issued in 2000).
• The Central Bank of Oman (CBO) is responsible for issuing regulations and overseeing implementation.
• Licenses, permits, and approvals issued prior to this decree remain valid but must align with the new law within six months (extendable twice).

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Royal Decree No. 3/2025: New System for the Central Bank of Oman

• Declares the Central Bank of Oman an independent financial and administrative entity.
• Approves its organizational structure and authorizes the establishment of branches locally and internationally.

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Royal Decree No. 4/2025: Appointment of the Board of Directors for the Central Bank of Oman

• Appoints HH Sayyid Taimour bin Asaad Al Said as Chairman.
• Other members include the Minister of Economy (Deputy Chairman), the Governor of the Central Bank, senior officials, and financial experts.

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Royal Decree No. 5/2025: Appointment of Central Bank Governor

• Ahmed bin Jaafar Al Musallami appointed as Governor of the Central Bank of Oman with ministerial rank.

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Royal Decree No. 6/2025: Reforms in the College of Banking and Financial Studies

• Renames the governing body to “Board of Trustees.”
• Updates the board’s composition to include representatives from the banking sector.

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Royal Decree No. 7/2025: Appointments in the Private Office

• Appoints:
  • Hussein bin Ali bin Abdul Latif as Advisor with ministerial rank.
  • Sayyid Dr. Sultan bin Ya’arub Al Busaidi as Advisor with ministerial rank.

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Royal Decree No. 8/2025: New Organizational Structure for the Royal Court Affairs

• Approves the updated organizational structure for the Royal Court Affairs.

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Royal Decree No. 9/2025: Promotion and Appointment in Medical Affairs

• Promotes Brigadier Dr. Saif bin Zahir Al Salmi to Major General.
• Appoints him as Head of the Special Medical Affairs Unit at the Royal Court Affairs.

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Significance and Impact

These nine Royal Decrees highlight essential reforms in Oman’s governance, financial system, and administrative structures. The approval of the 2025 State Budget, banking reforms, and strategic appointments pave the way for enhanced infrastructure and resource management in the new year.