Oman’s Council of Ministers has officially approved the establishment of the Oman Global Financial Centre (OGFC), a landmark initiative designed to significantly enhance the Sultanate’s position as a key financial hub in the region. The move follows comprehensive studies of leading global and regional financial centres and aims to attract substantial foreign investment.
The new centre is poised to strengthen the country’s financial ecosystem by creating a supportive and appealing environment for a wide range of institutions. This includes commercial banks, international financial firms specializing in both commercial and Islamic banking, insurance companies, and other related financial services.
A Strategic Move for Diversification
Sultan Salim Al Habsi, Minister of Finance and Chairman of the Supervisory Committee for the Centre’s establishment, emphasized that the initiative is a critical component of Oman’s national strategy. He stated that the OGFC will bolster the financial sector’s contribution to the economy and directly 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,” said Al Habsi in a statement to the Oman News Agency (ONA).
Creating an Enabling Investment Hub
The OGFC will provide an enabling framework complete with a range of incentives designed to attract global players. These benefits will target investment management firms, facilitate seamless company formation, and encourage new commercial partnerships.
According to the Minister, these measures are intended to ease the movement of capital and financial services while simultaneously fostering innovation across the financial sector. The initiative is also expected to drive knowledge transfer and create high-quality employment opportunities for Omani talent within the financial industry.
Leveraging Oman’s Core Strengths
The success of the Oman Global Financial Centre will be built upon the Sultanate’s fundamental strengths. Al Habsi highlighted the country’s renowned political stability, attractive investment climate, and robust economic partnerships with nations around the world as key pillars that will support the Centre’s growth and appeal to international investors.
About Oman Global Financial Centre
The Oman Global Financial Centre (OGFC) is a strategic national initiative approved by the Omani Council of Ministers to establish a globally competitive financial hub. Its primary objective is to attract international investment by providing a supportive regulatory environment and attractive incentives for financial institutions, including those in commercial and Islamic banking, financial services, and insurance. The Centre aims to strengthen Oman’s financial sector, support economic diversification, and create high-value jobs.
Source: Fintech News AE
