Oman has approved the establishment of the Oman Global Financial Centre, a new international financial hub designed to attract foreign investment and expand advanced financial services. Moreover, the initiative aims to enhance the sultanate’s position in regional and global capital markets as part of a broader economic diversification strategy.
The decision was taken during a Council of Ministers meeting chaired by Sultan Haitham bin Tarik. As a result, the move forms part of a wider package of measures designed to enhance the investment climate and accelerate long-term growth.
Autonomous framework and competitive positioning
The centre will operate with legislative, administrative, and regulatory autonomy under a modern financial, legal, and judicial framework aligned with international standards. Additionally, it will provide a competitive platform for global banks, investment firms, and specialised financial institutions seeking a regional base in Oman.
According to the Oman News Agency, the project followed extensive reviews of leading global and regional financial-centre models. Therefore, it is expected to support commercial and Islamic banking, insurance, asset management, and related services, while facilitating knowledge transfer and the creation of high-value jobs in the financial sector.
Diversification, digitalisation, and regional integration
Sultan bin Salim Al Habsi, Minister of Finance and head of the supervisory committee for the centre’s establishment phase, said the initiative would enhance the financial sector’s contribution to economic diversification. He added that the centre would offer incentives and a flexible environment for investment management, company formation, and commercial partnerships, while easing capital flows and supporting financial innovation.
At the same meeting, the Council reviewed progress across key economic sectors and highlighted positive macroeconomic indicators achieved in 2025, including improvements in fiscal balance and public investment. Meanwhile, Sultan Haitham called for continued coordination across state institutions to generate employment, stimulate GDP growth, and expand promising sectors, while also urging further government digitisation through AI-powered public services.
The Council also reaffirmed Oman’s foreign policy principles of neutrality and cooperation, while emphasising economic integration with neighbouring countries, particularly Saudi Arabia. Consequently, the Oman Global Financial Centre is expected to act as a magnet for foreign direct investment and a platform for regional financial integration, supporting the sultanate’s ambitions under Oman Vision 2040 and the Eleventh Five-Year Development Plan.
