Oman establishes International Financial Centre in Muscat
MOSCOW. Jan 15 (Interfax) - Oman has established an International Financial Centre in its capital, Muscat, to diversify the economy and attract foreign investment.
Sultan Haitham bin Tarik this week signed a decree establishing the International Financial Centre of Oman (IFC Oman) and enacting its own dedicated law.
The decision aligns with Oman's strategy aimed at diversifying the national economy, strengthening Oman's position as a global hub for financial services, attracting capital and supporting innovation, the authorities said in a statement.
It also reflects Oman's commitment to building a trusted and effective ecosystem for delivering financial services that meet the needs of investors and global institutions.
Under the law enacted by the decree, the Centre will have administrative, financial, and legislative independence. IFC Oman will develop a regulatory, legal and judicial framework aligned with international standards and based on English Common Law.
The governance of the Centre will be overseen by the IFC Oman Board, to be appointed by Sultan Haitham bin Tarik. The Centre will be headquartered in the Madinat Al Irfan district of Oman's capital city.
IFC Oman will seek to attract investments linked to financial activities and supporting sectors through a package of incentives and tax exemptions for a period of up to 50 years.
In the coming phase, the Centre will focus on developing the legislative and regulatory frameworks, engaging relevant stakeholders, targeting companies and legal experts, as well as establishing the necessary operational frameworks to launch the Centre's activities and commence full operations during the current year.
The establishment of International Financial Centre of Oman represents the country's ongoing efforts to achieve financial stability and economic diversification and to create an attractive investment environment, said Abdulsalam Mohammed Al Murshidi, President of Oman Investment Authority.
"The Centre will feature an innovative and advanced financial services infrastructure and will provide a secure and transparent environment for financial institutions and investors. The aspiration is that the Centre will become a strategic destination and a source of capital inflows, contributing to the realization of Oman's vision of strengthening the concept of economic diplomacy and stimulating economic diversification," he said.
Mahmood Abdullah AlAweini, Chairman of the Executive Committee of IFC Oman, said the establishment of the International Financial Centre of Oman comes as a continuation of the on-going efforts in financial sector development, and contributes to achieving Oman Vision 2040 objectives through economic diversification, investment attraction and foster global partnerships.
"IFC Oman brings together a compelling set of competitive advantages that reinforce its role as a premier destination for companies and investor, which offers competitive costs, high responsiveness and regulatory agility for establishing businesses, and reliable services that enable access to global markets," he said.
