RIYADH: Oman is set to establish an International Financial Center, in a move to diversify the national economy and position the nation as a leading global hub.

According to a press release, the new establishment aims to draw international investment, advance innovation across various services, and strengthen Oman’s standing in the global financial ecosystem. It will function with full administrative, regulatory, and legislative autonomy from its headquarters in Madinat Al Irfan.

With a legal decree now in place, the coming months will focus on finalizing the regulatory framework, engaging stakeholders, and establishing operational structures.

The aim is to launch the center’s activities and commence full operations before the end of the year, marking a significant milestone in realizing Oman Vision 2040.

Officials hailed the decree as a transformative step. The president of the Oman Investment Authority stated that the center reflects the Sultan’s vision to “create an attractive investment environment” and will provide a “secure and transparent” hub distinguished by stability and efficiency.

“The aspiration is that the center will become a strategic destination and a source of capital inflows,” Abdulsalam Mohammed Al-Murshidi added, linking it directly to Oman’s broader goals of economic diplomacy and diversification.

A key feature of IFC Oman is its legal foundation. It will develop a comprehensive regulatory and judicial framework aligned with international standards and based on English Common Law, a system trusted by global investors and institutions.

To ensure robust and transparent governance, the establishment will be overseen by an IFC Oman board appointed by Sultan Haitham bin Tariq.

Three independent entities will operate under the law: an authority for management, a regulator for oversight, and a dispute resolution authority to handle legal matters.

Aiming to be a magnet for investment, IFC Oman will offer a compelling package of incentives for qualifying firms, including tax exemptions for up to 50 years. The center plans to focus initially on financial activities and their supporting sectors.

Mahmood Abdullah Al-Aweini, chairman of the IFC Oman Executive Committee, positioned the move as a natural progression following Oman’s recent credit rating improvements. He emphasized that IFC Oman will offer competitive costs, regulatory agility, and reliable services to ease business establishment and global market access.

“Together with our strategic partners, we aim to work toward bringing this ambitious vision into reality,” Al-Aweini said, expressing confidence in the center’s future.