Oman is moving ahead with plans to establish a global financial centre designed to position the sultanate as a regional platform for investment management, corporate structuring and cross-border finance, according to people familiar with the initiative and official policy signals over the past year.The proposed centre is expected to operate as a dedicated enabling environment offering regulatory flexibility, tax incentives and streamlined procedures for setting up and managing investment vehicles and companies. The project aligns with broader economic diversification goals under Vision 2040, which seeks to reduce reliance on hydrocarbons by strengthening services, logistics, tourism and financial activities.
Officials have indicated that the financial centre will be structured as a specialised zone rather than a conventional commercial district, with its own legal and supervisory framework tailored to international investors. The design draws on models seen in other regional hubs, where common-law–based regulations, independent courts and arbitration mechanisms have been used to attract global financial institutions, fund managers and multinational corporates.
Muscat has steadily expanded the foundations for such a move. Over the past two years, Oman has updated its foreign investment law, modernised insolvency and bankruptcy regimes, and introduced measures aimed at improving capital-market depth. The Capital Market Authority has overseen reforms to listing rules and disclosure standards, while the Central Bank of Oman has taken steps to strengthen oversight of banks and non-bank financial institutions.
The global financial centre is expected to build on these reforms by offering multiple privileges to participating entities. These are understood to include full foreign ownership, simplified licensing, competitive tax treatment and easier repatriation of profits. Authorities are also examining specialised frameworks for asset management, private equity, venture capital and family offices, segments that policymakers see as underdeveloped but strategically important.
People involved in preliminary discussions say the centre will prioritise investment management and holding-company structures, enabling regional and international investors to deploy capital into Oman and neighbouring markets. This focus reflects a growing push across the Gulf to capture a larger share of global capital flows, particularly as wealth from energy revenues and sovereign investment programmes seeks diversified outlets.
Oman’s approach, however, is expected to be measured rather than aggressive. Unlike some regional peers that have positioned themselves as global finance magnets within a short timeframe, Muscat appears keen to align the centre closely with domestic economic needs. Policymakers have stressed the importance of ensuring that financial-sector growth supports job creation, skills development and funding access for local enterprises.
Location and governance remain under consideration. While Muscat is the natural candidate given its existing financial infrastructure, officials have also explored the possibility of situating the centre within a broader special economic zone framework to maximise operational autonomy. Any final decision is likely to be shaped by infrastructure readiness, connectivity and the availability of professional services.
The initiative comes at a time when competition among regional financial hubs is intensifying. Established centres in the Gulf have continued to attract banks, insurers, fintech firms and asset managers by refining regulatory regimes and expanding lifestyle offerings. For Oman, differentiation is likely to rest on stability, cost competitiveness and a regulatory environment that balances international standards with practical flexibility.
Economists note that the sultanate’s relatively moderate cost base could be an advantage for fund managers and service providers seeking a regional presence without the overheads associated with larger hubs. Oman’s geographic position, with access to Gulf, Asian and African markets, is also cited as a potential draw for firms involved in trade finance and logistics-linked financial services.
Challenges remain. Building credibility as a global financial centre requires not only incentives but also deep pools of talent, a robust judicial framework and sustained policy consistency. Analysts caution that attracting anchor tenants—major international financial institutions or well-known asset managers—will be critical in establishing momentum and signalling confidence to the wider market.
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