Establishment of Oman Global Financial Centre welcomed

Muscat: The Council of Ministers’ approval to establish the Oman Global Financial Centre (OGFC) has drawn positive reactions from economists, business leaders, and financial sector professionals, who described the initiative as a timely and strategic move to strengthen the Sultanate’s financial ecosystem and accelerate economic diversification.

Observers said the decision reflects Oman’s growing focus on building specialised institutions that add long-term value rather than pursuing scale alone.

By creating a dedicated platform for global commercial and Islamic banks, asset managers, insurers, and financial service providers, the OGFC is expected to enhance capital formation, support financial innovation, and improve the depth and efficiency of the domestic financial market.

Economic analysts noted that creating Oman Global Financial Centre—signals a measured approach aligned with Oman Vision 2040. “This is about creating quality and resilience in the financial sector,” R. Madhusoodanan, a former SBI official and financial expert said. “Oman is positioning itself as a trusted jurisdiction that offers stability, transparency, and access to regional and international markets.” Senior banking executives said the Centre could significantly improve Oman’s attractiveness to international financial institutions looking for a stable operating base in the Middle East.

They added that incentives related to investment management, company formation, and cross-border partnerships would help lower entry barriers and encourage long-term institutional presence rather than short-term capital inflows.

Sultan Salim Al Habsi, Minister of Finance and Chairman of the Supervisory Committee for the Centre’s establishment phase, stated that the Centre will bolster the financial sector’s role in achieving economic diversification targets. This initiative integrates with ongoing efforts to develop the financial and investment sectors in line with Oman’s future aspirations.

In a statement to Oman News Agency (ONA), the Minister added that the Centre will serve as an enabling environment offering multiple incentives for investment management, company formation, and the establishment of commercial partnerships. These benefits are designed to facilitate the movement of capital and financial services while supporting financial innovation. He further explained that the Centre will leverage Oman’s key strengths, including its political stability, investment attractiveness, and robust economic partnerships with countries worldwide.

Nevertheless, many agreed that the announcement sends a strong signal about Oman’s economic direction. “The Oman Global Financial Centre is not just a new institution—it represents a shift towards a more sophisticated, knowledge-driven financial economy,” said Manoj Didwania, owner of Ripples showrooms in Oman. “If executed effectively, it could become a cornerstone of Oman’s next phase of growth.”