Oman’s new financial hub targets investment and job creation

Dubai: Oman has approved the establishment of the Oman Global Financial Centre, a new international financial hub aimed at attracting foreign investment, expanding advanced financial services, and strengthening the sultanate’s position 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 package of measures to improve the investment climate and accelerate long-term economic diversification.

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

According to the Oman News Agency, the project was developed after extensive reviews of global and regional financial-centre models. It is expected to create an enabling environment for commercial and Islamic banking, insurance, asset management, and related support services, while promoting 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 for the centre’s establishment phase, said the initiative would enhance the financial sector’s role in achieving Oman’s economic diversification goals. He added that the centre would provide incentives and a flexible environment for managing investments, establishing companies, and forming commercial partnerships, with a focus on easing capital flows and supporting financial innovation.

The Council of Ministers also reviewed progress across multiple economic sectors and reaffirmed its commitment to integrating the private sector in delivering the development plan’s objectives. It highlighted positive macroeconomic indicators achieved in 2025, including improvements in fiscal balance, public investment, and social development.

At the same meeting, Sultan Haitham called for continued coordination across state institutions to generate employment, stimulate GDP growth, and expand promising sectors of the economy. He also emphasised government digitisation, urging the rollout of AI-powered public services through the Unified Government Services Portal. 

The Council reiterated Oman’s foreign policy principles of neutrality, cooperation, and respect for international law, while stressing its commitment to stability and economic integration with neighbouring countries, especially Saudi Arabia.

The centre is expected to act as both a magnet for foreign direct investment and a launchpad for regional financial integration, supporting Oman’s ambition to become a hub for cross-border finance, Islamic financial services, and emerging-market investors. 

The move comes as Oman advances fiscal and structural reforms aimed at strengthening public finances, stimulating private-sector growth, and reducing reliance on hydrocarbons, in line with Oman Vision 2040 and the Eleventh Five-Year Development Plan (2026–2030).

Officials highlighted the sultanate’s political stability, investment appeal, and expanding international partnerships as key advantages that the new financial centre will leverage. By combining regulatory independence with global best practices, the government aims for the Oman Global Financial Centre to become a cornerstone of the country’s financial landscape and a driver of its next phase of economic development.