Oman to Set Up Global Financial Center to Attract Investment
Oman has approved plans to create a new global financial center. The goal is to attract foreign investment and help diversify the country’s economy. This move follows similar steps taken by other countries in the region that are developing international financial hubs to support long-term economic growth.
The new financial center is part of Oman’s wider strategy to reduce its dependence on oil and gas and build a stronger, more modern economy. By creating a business-friendly financial environment, Oman hopes to attract global companies, investors, and financial institutions.
Approval by the Council of Ministers
The Council of Ministers approved the establishment of the financial center on Monday. The center is designed to provide a supportive platform for commercial banks, international financial institutions, and companies working in both conventional and Islamic finance.
It will cover a wide range of activities, including banking, financial services, insurance, investment management, and related support services. The government believes this will encourage new businesses to operate in Oman and help existing companies expand their operations.
Officials said the decision is based on careful studies of successful global and regional financial centers. These studies looked at how financial hubs operate, how they attract investment, and how they contribute to economic growth.
Purpose of the Financial Center
According to Omani authorities, the new financial center will help transfer knowledge and skills to the local workforce. It will also create high-quality jobs for Omani citizens, especially in the financial sector.
The government sees this initiative as an important step toward modernizing the economy. By strengthening the financial sector, Oman aims to support innovation, improve financial services, and create new opportunities beyond the energy sector.
This approach fits into Oman’s long-term development plans, which focus on sustainable growth, private sector expansion, and stronger international economic ties.
Statement from the Minister of Finance
Sultan Salim Al Habsi, Oman’s Minister of Finance and Chairman of the Supervisory Committee responsible for setting up the center, said the project will play a key role in supporting economic diversification.
He explained that the financial center will increase the financial sector’s contribution to the national economy. It will also work alongside ongoing reforms in investment rules, regulations, and the business environment.
In a statement to the Oman News Agency (ONA), Al Habsi said the center will act as an enabling platform. This means it will make it easier for companies to invest, register businesses, and form partnerships in Oman.
Investment Incentives and Business Support
The financial center will offer various incentives to attract investors. These incentives are expected to support investment management activities, company formation, and the creation of commercial partnerships.
The measures are designed to make it easier for money to move in and out of the country. They will also improve access to financial services for businesses and individuals. In addition, the center will encourage financial innovation by supporting new technologies and modern financial solutions.
Al Habsi said these steps will help strengthen Oman’s financial system and make it more competitive at the regional and global levels.
Building on Oman’s Strengths
The new financial center will build on Oman’s key strengths. These include political stability, a safe and secure environment, and an investment climate that is becoming more attractive to foreign companies.
Oman also has strong economic relationships with many countries around the world. These partnerships, combined with the new financial center, are expected to position the Sultanate as a competitive destination for international financial institutions.
The government believes that by offering a stable and well-regulated environment, Oman can attract long-term investors looking for opportunities in the Middle East and beyond.
Financial Centers in the GCC Region
Oman’s move comes as financial centers in the Gulf Cooperation Council (GCC) region continue to grow in importance on the global stage.
Dubai and Abu Dhabi remain the leading financial hubs in the GCC, according to the 38th edition of the Global Financial Centers Index (GFCI 38). This index ranks financial centers based on factors such as business environment, infrastructure, human capital, financial development, and reputation.
Dubai climbed one position to rank 11th globally, showing steady improvement in its global standing. Abu Dhabi maintained its position as the second-ranked financial center in the Middle East.
Dubai and Abu Dhabi’s Continued Leadership
Dubai and Abu Dhabi continue to dominate the GCC financial landscape. Their strong performance highlights the Gulf region’s growing role in global financial services.
Dubai’s rise in the rankings reflects its heavy investment in innovation, digital infrastructure, and business-friendly policies. The city has worked hard to attract international investors by offering modern regulations, world-class infrastructure, and a diverse talent pool.
Abu Dhabi has also strengthened its position by focusing on long-term investments, financial stability, and sustainable economic development.
Bahrain’s Progress in Financial Technology
Bahrain has also made major progress in the global financial rankings. The country climbed more than 20 places in the latest index, marking one of the biggest improvements among financial centers.
Bahrain joined cities such as Milan, Stockholm, Rome, and Calgary as centers that are advancing strongly in financial technology. The country’s success is linked to its focus on digital finance, fintech regulation, and innovation-friendly policies.
Bahrain’s progress shows that smaller financial centers can compete globally by adopting new technologies and creating flexible regulatory frameworks.
What This Means for Oman
Oman’s planned financial center reflects a clear intention to join the region’s growing network of international financial hubs. While Dubai, Abu Dhabi, and Bahrain already have established positions, Oman is aiming to carve out its own role by offering stability, openness, and targeted incentives.
The government hopes that over time, the financial center will attract global banks, investment firms, insurance companies, and fintech startups. This will help diversify the economy, create skilled jobs, and increase Oman’s visibility in global financial markets.
By learning from successful models in the region and around the world, Oman aims to develop a financial center that supports sustainable growth and long-term economic resilience.
Looking Ahead
The establishment of the global financial center marks an important milestone in Oman’s economic transformation. As implementation moves forward, attention will focus on regulations, infrastructure, and investor confidence.
If successful, the center could become a key driver of growth, helping Oman reduce its reliance on hydrocarbons and build a more diverse, knowledge-based economy.
Through this initiative, Oman is signaling its commitment to economic reform, global integration, and a stronger future for its financial sector.
Published: 7th January 2026
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