Oman approves Global Financial Centre to boost investment, banking and economic diversification

Oman has approved the establishment of the Oman Global Financial Centre, marking a strategic move to strengthen the Sultanate’s position as a regional financial hub.

The decision, approved by the Council of Ministers, is based on comprehensive studies of global and regional financial centre models.

The new centre is designed to attract international investment, expand the banking and financial services ecosystem, and support Oman’s long-term economic diversification objectives.

Oman Global Financial Centre

The establishment of the Oman Global Financial Centre aims to foster an attractive environment for investments, commercial banks and global financial institutions specialising in commercial and Islamic banking, financial services, insurance and other supporting activities.

The Centre also seeks to facilitate knowledge transfer and create more high-quality jobs across the financial sector, strengthening the depth and sophistication of Oman’s financial ecosystem.

Sultan Salim Al Habsi, Minister of Finance and Chairman of the Supervisory Committee for the Centre’s establishment phase, said the initiative will strengthen the role of the financial sector in achieving economic diversification targets.

He noted that the Centre integrates with ongoing efforts to develop Oman’s financial and investment sectors in line with the country’s future aspirations.

Incentives and financial innovation in Oman

The Minister said the Centre will provide an enabling environment offering multiple incentives for investment management, company formation and the establishment of commercial partnerships.

According to Al Habsi, these incentives are designed to facilitate the movement of capital and financial services while supporting financial innovation.

The framework is intended to make Oman more competitive in attracting regional and international financial institutions seeking a stable and well-regulated base of operations.

The Minister added that the Centre will build on Oman’s core strengths, including its political stability, investment attractiveness and strong economic partnerships with countries around the world.

By leveraging these advantages, the Oman Global Financial Centre is expected to play a central role in enhancing the Sultanate’s appeal as a destination for global capital and advanced financial services.