In a landmark decision aimed at reshaping its economic landscape, the Sultanate of Oman has received cabinet approval for the creation of the Oman Global Financial Centre. This strategic initiative represents a comprehensive effort to diversify the nation’s economy beyond hydrocarbon dependencies while enhancing the financial sector’s contribution to gross domestic product.
The newly established center will operate with complete legislative, administrative, and regulatory independence, creating a specialized environment tailored for international financial institutions. The framework will accommodate both conventional and Islamic banking operations, insurance services, and complementary financial support sectors. This autonomous status enables the center to develop a legal and judicial system aligned with global financial standards while maintaining operational flexibility.
Sultan bin Salim Al Habsi, Oman’s Minister of Finance and Chairman of the Financial and Economic Committee, emphasized the center’s role within the nation’s broader economic vision. The institution will function as a catalyst for investment management, corporate establishment, and international business partnerships through streamlined capital movement procedures and financial innovation support mechanisms.
The initiative leverages Oman’s established political stability and growing network of international economic partnerships to attract foreign capital. Additional benefits include knowledge transfer opportunities and the creation of high-value employment positions within the financial services sector, addressing both economic diversification and workforce development objectives simultaneously.