MENA Newswire, MUSCAT: The Council of Ministers of the Sultanate of Oman has approved the establishment of the Oman Global Financial Centre, marking a formal step in the country’s efforts to strengthen its financial sector and expand non-oil economic activity. The decision was announced on Tuesday and reflects government policy aimed at increasing the financial sector’s contribution to national output while supporting broader economic diversification goals.
The new centre will operate with legislative, administrative and regulatory autonomy, according to official information released through the Oman News Agency. Authorities said this structure is intended to provide an internationally aligned operating framework for financial institutions while ensuring legal and regulatory clarity. The centre will be governed by a dedicated legal, judicial and financial system designed to meet recognised international standards and provide certainty for institutions operating within its jurisdiction.
The Oman Global Financial Centre is expected to host commercial banks and specialised global financial institutions across a range of activities, including conventional and Islamic banking, finance, insurance and related support services. In addition to core financial operations, the centre will accommodate auxiliary services such as legal, accounting and other professional functions that support financial markets. Officials stated that the integrated structure is intended to enable efficient delivery of financial services within a single regulatory environment.
The Council of Ministers said the centre is designed to create an environment attractive to capital inflows and institutional investment. Its regulatory framework will support the establishment of companies, management of investments and formation of business partnerships. The initiative also seeks to facilitate the movement of capital and financial services within the centre’s jurisdiction, while supporting financial innovation consistent with international compliance requirements.
Oman cabinet decision outlines new financial centre framework
Sultan bin Salim Al Habsi, Minister of Finance and Chairman of the Financial and Economic Committee at the Council of Ministers, said the establishment of the centre would enhance the role of the financial sector in achieving Oman’s economic diversification objectives. He stated that the initiative aligns with ongoing efforts to develop the financial and investment sector and supports the future economic directions set by the Sultanate.
Al Habsi said the centre will function as an enabling environment that offers multiple privileges to institutions operating within it, particularly in relation to investment management, company formation and business partnerships. He noted that the framework is intended to reduce administrative complexity and provide operational flexibility for financial institutions, while maintaining regulatory oversight consistent with international norms.
The government also highlighted the role of the Oman Global Financial Centre in supporting human capital development. By attracting international financial institutions and expertise, the centre is expected to facilitate knowledge transfer and create high-quality employment opportunities within the financial sector. Officials indicated that this approach supports national workforce development objectives by expanding opportunities in specialised financial services and related professions.
Business formation and investment management enabled
Oman’s authorities said the centre will build on the country’s existing advantages, including political stability, an established investment environment and economic partnerships with countries across multiple regions. The financial hub is intended to operate as a platform connecting regional and international financial markets, reinforcing Oman’s participation in cross-border financial activity.
The establishment of the Oman Global Financial Centre forms part of a broader set of measures aimed at strengthening institutional capacity and regulatory competitiveness within the Sultanate’s economy. Officials said the initiative reflects a policy focus on developing financial infrastructure as a foundation for sustainable economic growth, while maintaining alignment with international regulatory and governance standards.