Oman announces establishment of new global financial center

MUSCAT: Oman has announced the establishment of a new global financial center in the country.

The aim of establishing the global financial center is to increase investment and job opportunities. This decision was made at a meeting of the Council of Ministers chaired by Sultan Haitham bin Tariq.

The meeting also discussed measures to improve the investment climate and accelerate economic diversification.

The new Oman Global Financial Center will operate under legislative, administrative and regulatory autonomy. It will introduce a modern financial, legal and judicial framework that will be in line with international standards.

The establishment of this center aims to attract foreign investors, promote modern financial services and strengthen Oman’s global and regional financial role.

According to reports, the center is designed as a competitive platform for global banks, investment companies and specialized financial institutions. This will not only strengthen Oman’s presence internationally but will also facilitate access to regional markets.

Sultan Haitham, addressing the meeting, said that through coordination between state institutions, more employment opportunities will be created and it will be possible to increase the gross national product.

He also stressed the digital transformation of the public sector and directed that artificial intelligence-based services be introduced to the public through the Unified Government Services Portal.

The plan has been developed after a detailed review of models from global and regional financial centers and is expected to create new investment and employment opportunities in promising sectors of Oman’s economy.