Oman Approves Global Financial Centre to Boost Investment, Jobs and Capital Markets

Oman has approved the establishment of the Oman Global Financial Centre, a new international financial hub designed to attract foreign investment, expand advanced financial services and strengthen the sultanate’s role in regional and global capital markets.

The decision was taken during a Council of Ministers meeting chaired by Sultan Haitham bin Tarik, as part of a wider package of measures aimed at improving the investment climate and accelerating long-term economic diversification.

The new centre will operate with legislative, administrative and regulatory autonomy, supported by a modern financial, legal and judicial framework aligned with international standards. It is intended to serve as a competitive platform for global banks, investment firms and specialised financial institutions seeking a base in Oman with access to regional markets.

According to the Oman News Agency, the project was developed following extensive reviews of leading global and regional financial-centre models. It is expected to support commercial and Islamic banking, insurance, asset management and related services, while encouraging knowledge transfer and the creation of high-value jobs in the financial sector.

Sultan bin Salim Al Habsi, Minister of Finance and head of the supervisory committee overseeing the establishment phase, said the centre would strengthen the financial sector’s contribution to Oman’s economic diversification agenda. He noted that the initiative will offer incentives and a flexible operating environment for managing investments, establishing companies and forming commercial partnerships, while facilitating capital flows and financial innovation.

The Council of Ministers also reviewed progress across key economic sectors, highlighting positive macroeconomic indicators in 2025, including improvements in fiscal balance, public investment and social development. It reaffirmed its commitment to deeper private-sector participation in delivering national development objectives.

During the meeting, Sultan Haitham called for continued coordination among government institutions to drive employment, stimulate GDP growth and expand high-potential sectors. He also stressed the importance of digital transformation, urging the rollout of AI-enabled public services through the Unified Government Services Portal.

On foreign policy, the Council reiterated Oman’s principles of neutrality, cooperation and respect for international law, while underscoring the importance of regional economic integration, particularly with Saudi Arabia.

Officials said the Oman Global Financial Centre is expected to function as both a magnet for foreign direct investment and a platform for regional financial integration, supporting the sultanate’s ambition to become a hub for cross-border finance, Islamic financial services and emerging-market investors.

The initiative aligns with ongoing fiscal and structural reforms under Oman Vision 2040 and the Eleventh Five-Year Development Plan (2026–2030), which aim to strengthen public finances, stimulate private-sector growth and reduce reliance on hydrocarbons.

By combining regulatory independence with global best practices, the government aims for the new financial centre to become a cornerstone of Oman’s future growth and a key driver of its next phase of economic development.