Oman establishes financial centre, following GCC peers 

Oman has approved the establishment of a financial centre, following its GCC peers in launching a global hub as the petrostate steps up economic diversification. 

The International Financial Centre of Oman (IFC Oman) will be headquartered in Madinat Al Irfan and will seek to attract financial investments and support sectors through incentives and tax exemptions for a period of up to 50 years.

Three independent entities, including the International Financial Centre of Oman Authority, International Financial Centre of Oman Regulator, and International Financial Centre of Oman Dispute Resolution Authority – will operate on their respective mandates. 

The centre will aim to establish operational frameworks to commence full operations in 2026. 

The establishment of International Financial Centre of Oman represents the ongoing efforts to achieve financial stability and economic diversification, said Abdulsalam Mohammed Al Murshidi, president of Oman Investment Authority.

“The centre will feature an innovative and advanced financial services infrastructure and will provide a secure and transparent environment for financial institutions and investors.”

Oman has followed the lead of several GCC peers, such as Dubai and Qatar in establishing a premier destination for companies and investors. The UAE’s Dubai International Financial Centre and Abu Dhabi Global Market have emerged as magnets for global capital, driven by regulatory environments and strong economies. 

The neighbouring Qatar Financial Centre is also an onshore global business and financial centre, offering legal and regulatory services to local and international companies.