Oman Establishes Global Financial Centre To Drive Economic Diversification

(MENAFN- Khaleej Times)

In recognition of the strategic importance of establishing a global financial centre in the Sultanate of Oman to drive economic diversification, boost the financial sector's contribution to GDP, attract capital, and foster an ecosystem attractive to investment, the Council of Ministers has approved the establishment of the "Oman Global Financial Centre."

The centre, which will enjoy legislative, administrative, and regulatory autonomy, is designed to create a compelling environment for commercial banks and specialised global financial institutions in commercial and Islamic banking, finance, insurance, and related support services. Its establishment also aims to facilitate knowledge transfer and generate high-quality employment in the financial sector, built upon a new legal, judicial, and financial framework aligned with international standards.

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The Oman News Agency quoted Sultan bin Salim Al Habsi, Minister of Finance and Chairman of the Financial and Economic Committee at the Council of Ministers, as saying that the establishment of the center will contribute to enhancing the role of the financial sector in achieving the objectives of economic diversification, in integration with efforts to develop the financial and investment sector and the future directions aspired to by the Sultanate of Oman.

He added that the centre will serve as an enabling environment with multiple privileges for managing investments, establishing companies, and forming business partnerships based on facilitating the movement of capital and financial services and supporting financial innovation.

He explained that through this centre, Oman will benefit from its advantages in terms of political stability, investment attractiveness, and economic partnerships with various countries around the world.

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