The Council of Ministers has approved the establishment of the Oman Global Financial Centre (OGFC).

This marks a strategic initiative informed by comprehensive studies of global and regional financial hubs.

The Centre will attract investment by fostering a supportive and appealing environment.

It will support commercial banks and international financial institutions specialising in commercial and Islamic banking, financial services, insurance, and related activities.

It will also support knowledge transfer and create high-quality employment opportunities within the financial sector.

Sultan Salim Al Habsi, Minister of Finance and Chairman of the Supervisory Committee overseeing the Centre’s establishment, stated that the initiative will strengthen the financial sector’s role in Oman’s economy.

He added that it will support the country’s economic diversification goals.

“The Oman Global Financial Centre complements ongoing efforts to develop the financial and investment sectors in alignment with the Sultanate’s long-term aspirations,” he said.

Speaking to the Oman News Agency (ONA), the Minister highlighted that the Centre will provide an enabling environment with a range of incentives for investment management, company formation, and commercial partnerships.

These benefits are intended to facilitate the movement of capital and financial services while supporting innovation in the financial sector.

He added that the Centre will leverage Oman’s key strengths, including its political stability, attractive investment climate, and strong economic partnerships with countries worldwide.

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