Posted by: amj_admin on October 26, 2024 - 6:42 pm

Oman is one of the first countries in the Middle East to implement policy guidelines for the use of artificial intelligence (AI) in government. Under the umbrella of Ministry of Transport, Communications and Information Technology an AI Policy issued by ‘National Center for Space, Artificial Intelligence and Advance Technologies’ (the “National Center for AI”) encourages the adoption of AI in developing innovative solutions to drive economic growth and national development to help achieve Oman’s Vision 2040 goals. The AI Policy applies to Government Administrative Units only. The objectives of the AI Policy include: 

• encouraging and increasing use of AI systems in important economic industries;
• enabling the Government Administrative Units to build national capacities in AI; and
• developing the ethical principles to ensure that AI systems are accurate and secure in their automated decision-making process.

The AI Policy is a document that provides guidance on the responsible and ethical use of AI systems for Government Administrative Units and provides a framework for Government Administrative Units to follow and ensure that AI is used in a way that is beneficial to society. However, with further global development and implementation of AI systems in differing economic sectors, we anticipate that Oman may progressively further develop and enhance its current legal regime for there to exist a more comprehensive regulatory framework. The AI Policy is based on the principles of inclusiveness, to be human centred, establish accountability and promote fairness, transparency and safety including the following:

• requirement for all AI systems to comply with all applicable national, regional and international civil rights laws and regulations and to develop policies and standards for regulation of use of AI systems.
• that all subject matter duties, roles, responsibilities, and relevant administrative roles must be defined and documented for all phases of AI systems development.
• a requirement to undertake risk assessment in regard to the use of AI systems.
• a requirement to ensure that no AI bias takes place and to disclose to those affected by the AI system of the existence of such a system and the impact it may have on them.
• obligation to dedicate resources to safeguard AI systems against cyber-attacks.
• requirements for internal audits on data gathering processes, algorithms development, and decision-making procedures in AI systems have been placed to continuously monitor and verify high accuracy of results. 
• Requirement to pre-determine the level of human involvement for non-automated decision making and ensure that such decisions not be solely automated by AI systems without prior approval.
• that all AI systems decisions must be robust, explainable, and traceable.
• that AI systems must be isolated in a testing environment for a certain amount of time before going live in the production environment and subsequently its production environment must at all times be supervised, monitored and logged.
• requirement to provide a disclaimer to be mandatorily displayed to all affected individuals (or their guardians) when there is an existing AI system running in the production environment and a requirement to obtain prior approval of those affected by the AI system. 

Oman has been developing programs to increase investment and integration of AI applications and technologies into development projects and programs in diverse economic sectors. Below is a brief overview of the programs and opportunities made available in Oman for integration and development of AI, include the following: 

• Artificial Intelligence Programs and Opportunities in Oman 

A National Program for AI & Advanced Technologies in 2020 (“AI National Program 2020”) responsible for supervising the preparation and implementation of an integrated national action plan for AI and advanced technologies has been established, which includes capacity-building, research, innovation, industrialization, investment and support the establishment of emerging companies in addition to formulation of policies and legislation. It further provides coordination and cooperation with partners from the public, private and academic sectors, and facilitates the integration of AI and advanced technology projects and initiatives. The four pillars of the AI National Program 2020 are i) enhancing the productivity of the sectors targeted for economic diversification, ii) development of human capabilities in AI, iii) accelerating AI adoption, and iv) governance of AI applications and advanced technologies for a human-centered vision. 

• The National Program for, Artificial Intelligence and Advanced Technologies has issued an executive program i.e., Executive Program for Artificial Intelligence and Advanced Technologies (“Executive Program AI”), for the strategic direction of artificial intelligence and advanced technologies in the Sultanate of Oman. This executive plan includes several initiatives and projects related to promoting these technologies in sectors that can contribute to economic growth, social impact, human capacity development and ensuring flexible and effective governance. It is said to be reviewed annually to assess the achievement of implementation in each stage.

• Future Opportunities for Artificial Intelligence Applications and Advanced Technologies in the Sultanate of Oman published in June 2021 (“Future Opportunities for AI”) provides the basic pillars for the application of AI and advanced technologies which it is seeking to develop and implement an effective and vibrant economy that uses these technologies to: i) automate complex processes and procedures, ii) creating new services and products that improve lifestyles, iii) supporting strategic decision-making based on big data and predicting future needs, and iv) improving the performance, productivity and competitiveness of the main, economic and developmental sectors. 

• The Ministry of Commerce Industry and Investment Promotion (“MOCIIP”) has introduced an AI and Automation Program. As part of the program, MOCIIP invited all licensed factories in Oman to benefit from the AI and Automation Program, by completing a self-assessment form. 

• An initiative by the name of ‘National Initiative to Empower a National Economy Enhanced by Artificial Intelligence’ has been started by the Ministry of Economy to integrate artificial intelligence applications and technologies into development projects and programs in economic diversification sectors. 

• In addition to the above, the Public Authority for Special Economic Zones and Free Zones (OPAZ) has earmarked sites in different economic zones for AI, drone experiments and future technologies. The key objectives of OPAZ in relation to AI are ‘localization of investment opportunities in the field of artificial intelligence’ and ‘to overcome the challenges and difficulties facing the implementation of artificial intelligence projects’.

• Advanced and developed AI with a well-defined supporting legal framework the Oman Economy would be well placed to achieve its goals and objectives.

Author details

Chaudhry AliAssociate  Commercial and Capital Markets Al Busaidy, Mansoor Jamal & Co Tel: +968 24829200 Email: chaudhry.ali@amjoman.com

Posted by: amj_admin on October 26, 2024 - 6:32 pm

We are proud to announce that AMJ has won two prestigious awards at the International Financial Law Review (IFLR) Middle East Awards held in Dubai on October 22, 2024. The awards include:

• ‘Domestic Deal of the Year’ wherein AMJ acted as Omani counsel for Fajr Capital in relation to acquisition of Aster Healthcare‘s business;
• ‘Oman National Law Firm of the Year’ which recognises the best law firms in each jurisdiction based on the innovation and the complexity of deals. This accolade brings AMJ’s tally of IFLR’s ‘National Law Firm of the Year’ awards to an impressive and unrivalled 16th time in Oman.

In addition, AMJ was shortlisted for ‘Domestic Deal of the Year’ for advising on HSBC Oman – Sohar International Bank merger and ‘Equity Deal of the Year’ for advising on OQ Gas Network IPO.   For the Individual awards category, Mr. Mansoor Jamal Malik was nominated for the ‘Managing Partner of the Year – Regional Firm’.
The annual IFLR Awards brings together leading global and regional corporate law firms to celebrate the most outstanding legal deals that have taken place in the region in the past 12 months.

Posted by: amj_admin on October 15, 2024 - 3:47 pm

Our Managing Partner, Mr. Mansoor Jamal Malik recently shared his views on Oman’s financial law reforms in an interview conducted by IFLR. Mr. Malik, with more than 35 years of experience in Oman’s legal landscape, holds an informed perspective on the transformation within the financial sector as well as the challenges faced by the banking and capital market sectors, driven by the goals set by the government’s “Oman Vision 2040” plan.

Read the full article here: https://www.iflr.com/article/2dv6u2me0h72s8hfeyg3k/banking/oman-law-firm-eyes-banking-and-capital-markets-opportunities

Posted by: amj_admin on September 29, 2024 - 8:31 pm

We are pleased to announce the appointment of Andrew Coddington as a senior associate in AMJ’s Banking and Finance team. Andrew has over 20 years of experience handling matters in a wide variety of subject areas and has extensive corporate lending and finance experience specializing in trade, acquisition and property financing. Andrew has also worked on a wide number of asset, project and Islamic finance transactions.

Posted by: amj_admin on June 10, 2024 - 3:00 am

We are pleased to announce that AMJ has retained its position as Tier 1 law firm in IFLR1000 2024 rankings released today. In addition to the Firm’s ranking, Mansoor Jamal Malik is ranked as ‘Market Leader” for his outstanding contribution to the Firm and five lawyers of the Firm namely Marcus Pery, Ardeshir Patel, Ravinder Singh, Armughan Ashfaq and Zarrar Mir have been ranked consistently in various fields.

For more details, please refer the link below:
Oman – Jurisdiction Rankings | IFLR1000

Posted by: amj_admin on April 30, 2024 - 8:09 pm

AMJ was recently honoured to receive three prestigious awards at the Islamic Finance News (IFN) 2023 Awards including the “Best Merger & Acquisitions Law Firm of the Year”.

The other two awards were for the first Sharia compliant IPO deal ever undertaken in Oman. For this transaction, AMJ acted as the Issuer’s (OQGN) counsel and was awarded the “IFN Oman Deal of the Year 2023”, and “IFN Equity and IPO Deal of the Year 2023”.  

We extend our congratulations to all those involved in making these awards possible, for which we are grateful to our clients for their continued support and trust.

#bestlawfirm #Oman

Posted by: amj_admin on April 30, 2024 - 8:09 pm

AMJ is delighted to have advised Fajr Capital, as Omani law counsel, along with the international counsel Allen & Overy LLP, on the transaction involving the purchase of a majority stake in @Aster’s GCC’s (including Oman) business by a consortium led by Fajr Capital, a sovereign-owned private equity firm based in the UAE.

AMJ’s M&A team advising on the transaction on Omani law matters was led by senior partner Mansoor Jamal Malik assisted by partner Ardeshir Patel and senior associate Armughan Ashfaq.

https://lnkd.in/diDJJpcK

Posted by: amj_admin on March 16, 2024 - 9:50 am

AMJ is delighted to have advised United Solar on this OMR 520 million polysilicon factory project, the first of its kind in the Middle East, with an annual production capacity of 1000 tonnes.

Congratulations to United Solar on the signing of several project agreements with Oman Electricity Transmission Company, Nama Electricity Supply Company, and Sohar Port and Freezone regarding the groundbreaking polysilicon factory project in Al Batinah North Governate, Sultanate of Oman. Wishing it all the best towards the inauguration of this pioneering project in the first quarter of 2025.

This project aspires to contribute to Oman Vision 2040 and meet the growing demand for renewable energy projects in the Sultanate.

https://www.omanobserver.om/article/1150978/business/economy/oetc-signs-electricity-connection-pact-for-polysilicon-factory-in-sohar-free-zone

Posted by: amj_admin on February 17, 2024 - 8:22 pm

We are pleased to announce that AMJ has received Band 1 ranking from Chambers Global 2024. AMJ was top ranked for all 3 practice areas which includes Corporate & Finance, Projects & Energy and Dispute Resolution. 

In addition to the Firm’s ranking, Mansoor Jamal Malik is ranked as ‘Star Individual’ for his outstanding contribution and 4 lawyers namely Marcus Pery, Ardeshir Patel, Dr. Ayman Ali and Ravinder Singh have been ranked consistently in various fields.

Posted by: amj_admin on February 12, 2024 - 1:32 pm

We are delighted to announce that Al Busaidy, Mansoor Jamal & Co (AMJ), has been presented with the prestigious ‘Oman Law Firm of the Year’ award at the inaugural Legal 500 MENA Awards held in Dubai on February 8, 2024. We would like to thank Legal 500 for honoring us with this award in recognition of AMJ’s involvement in innovative and complex legal deals that have taken place in the Sultanate of Oman in 2023.

AMJ is a top-tier, globally-rated, independent, commercial law firm and the largest in Oman. For over 40 years, AMJ has been involved in most, ‘first of a kind’ deals and landmark projects that have taken place in Oman and the region. Its team of lawyers include many of Oman’s most senior and experienced practitioners, recognised as leaders in their fields. They are able to draw on expertise gained in multiple innovative deals over more than four decades to respond to changing market conditions and the evolving commercial and legal needs of business and government.

#Legal500 #AMJ #OmanLawFirmoftheYear