The Sultanate of Oman plans to establish an international financial center that will enjoy legislative, administrative, and regulatory independence and will be built on a new financial and judicial system aligned with international standards. According to the Omani News Agency, the creation of the 'Oman International Financial Center', approved by the Council of Ministers at its meeting today, is a strategic and well-studied step based on an analysis of global and regional experiences. The center aims to create an attractive environment for investments, commercial banks, and specialized international financial institutions in commercial and Islamic banking, financial services, insurance, and other ancillary activities, as well as to transfer knowledge and provide more quality jobs in the financial sectors. Oman's Minister of Finance and Chairman of the Supervisory Committee for the establishment phase of the center, Sultan bin Salim al-Habsi, stated that the center's creation will contribute to enhancing the role of the financial sector in achieving economic diversification goals in coordination with efforts to develop the financial and investment sectors and the future directions to which the Sultanate of Oman aspires. He added that the center will operate as an enabling environment with multiple privileges for managing investments, establishing companies, and forming commercial partnerships based on facilitating the movement of capital and financial services and supporting financial innovation. He explained that through this center, the Sultanate of Oman will leverage its advantages in terms of political stability, investment appeal, and economic partnerships with various countries around the world.
