The establishment of the “Oman Global Financial Centre”, approved by the Council of Ministers at its meeting, marks a calculated strategic step based on comprehensive studies of global and regional experiences.
The Centre aims to create an attractive environment for investments, commercial banks and global financial institutions specialising in commercial and Islamic banking, financial and insurance services and other supporting activities. It also seeks to transfer knowledge and provide high quality jobs in the financial sector.
Sultan bin Salim Al Habsi, Minister of Finance and Chairman of the Financial and Economic Committee at the Council of Ministers, said the creation of the Centre will strengthen the role of the financial sector in achieving economic diversification targets. This will align with efforts to develop the financial and investment sectors and with the future directions to which the Sultanate of Oman aspires.
According to the news agency ONA, the center “will have legislative, administrative, and regulatory independence, built upon a new financial, judicial, and legislative framework that aligns with global standards.”
He mentioned that the center will provide an enabling environment with numerous benefits for investment management, company formation, and business partnerships, designed to enhance the movement of capital and financial services and support financial innovation.
The minister noted that through this center, Oman will capitalize on its advantages such as political stability, attractiveness for investment, and economic partnerships with diverse nations worldwide.
Driving economic diversification
The initiative emerges as Oman works to diversify its economy beyond hydrocarbons, following the lead of other Gulf states. The country has been channeling investments into logistics, manufacturing, and real estate to support growth beyond oil.
As part of its broader economic and social reform agenda, Oman aims to decrease the contribution of oil revenue to gross domestic product by 15 percent by 2030, with an additional reduction of 18 percent by 2040.
In line with these reforms, the Sultanate has announced plans to introduce a personal income tax in 2028, set at 5 percent for annual earnings over 42,000 Omani rials ($109,134). Furthermore, Oman launched a golden visa initiative in August aimed at attracting more foreign investment.
According to the International Monetary Fund, Oman’s economy is projected to expand by 4 percent in 2026, after an anticipated growth of 2.9 percent last year, largely driven by initiatives aimed at diversification.
