Acknowledging the strategic significance of creating a global financial centre in the Sultanate of Oman to promote economic diversification, enhance the financial sector's GDP contribution, attract capital, and cultivate an investment-friendly ecosystem, the Council of Ministers has sanctioned the formation of the "Oman Global Financial Centre."
The center, which will possess legislative, administrative, and regulatory independence, aims to establish an attractive setting for commercial banks and specialized international financial institutions in commercial and Islamic banking, finance, insurance, and associated support services.
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The organization also seeks to enhance knowledge sharing and create quality job opportunities in the financial industry, founded on a novel legal, judicial, and financial structure in line with global standards.
The Oman News Agency reported Sultan bin Salim Al Habsi, Minister of Finance and Chairman of the Financial and Economic Committee at the Council of Ministers, stating that the creation of the center will aid in strengthening the financial sector's role in fulfilling economic diversification goals, aligned with initiatives to advance the financial and investment sector and the future aspirations of the Sultanate of Oman.
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He mentioned that the center will act as a supportive environment offering various advantages for handling investments, creating companies, and building business collaborations by enhancing the transfer of capital and financial services while promoting financial innovation.
He clarified that via this center, Oman will leverage its strengths in political stability, investment appeal, and economic collaborations with multiple nations globally.
The action comes as Oman implements financial and structural reforms designed to bolster public finances, foster private-sector expansion, and decrease dependency on hydrocarbons, in accordance with Oman Vision 2040 and the Eleventh Five-Year Development Plan.
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Through the integration of regulatory autonomy and global best practices, the government intends for the Oman Global Financial Centre to serve as a foundation of the nation’s financial environment and a catalyst for its forthcoming phase of economic growth.