Oman cabinet approves global financial centre

Oman has approved the setting up of an international financial centre in the Gulf state, as the sultanate prepares to take on its well-established neighbours.

The Oman Global Financial Centre will have its own legislative, administrative and regulatory autonomy, the state-run Oman News Agency reported, quoting a decision by the council of ministers.

The centre aims to attract global financial institutions specialising in commercial and Islamic banking, financial services, insurance and other supporting activities.

The move will also facilitate knowledge transfer and create more high-quality jobs within the financial sector, according to the report.

Finance minister Sultan bin Salim Al Habsi said the centre will help achieve economic diversification and develop the financial and investment sectors.

He added that the centre will leverage the sultanate’s strengths, including its political stability, investment attractiveness and robust economic partnerships with countries worldwide.

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Oman’s finance ministry last week projected a budget deficit of OMR530 million ($1.4 billion) for 2026, a 14.5 percent decline from last year.

It also unveiled the 11th five-year development plan, which will run until 2030 and drive the next phase of the Vision 2040 economic strategy.

Several Gulf countries operate international financial centres, including the UAE (Dubai International Financial Centre and Abu Dhabi Global Market), Saudi Arabia (King Abdullah Financial District), Qatar (Qatar Financial Centre) and Bahrain (Bahrain Financial Harbour).