Oman has approved the creation of an international financial centre, giving the sultanate a new tool to attract capital and reduce its dependence on oil as it steps up economic diversification.
The centre is to have legislative, administrative and regulatory autonomy and it will be built on a new financial, judicial and legislative framework aligned with international standards, the Oman News Agency said on X on Tuesday. Details on the centre’s launch and timeline were not disclosed.
Oman has been taking steps to diversify its economy away from oil, following the example of its neighbours, with investments in sectors such as logistics, manufacturing and property to expand its non-oil economic base.
Under its economic and social reforms programme, the sultanate aims to reduce its dependence on oil income by 15 per cent of its gross domestic product by 2030 and further reduce it by 18 per cent by 2040.
It also announced the introduction of personal income tax starting in 2028, with a 5 per cent rate of tax on annual income exceeding 42,000 Omani rials ($109,134). Muscat also unveiled a golden visa programme in August to attract more foreign investment into the country.
The sultanate's economy is forecast to expand 4 per cent in 2026 after a projected growth of 2.9 per cent last year amid diversification efforts, the International Monetary Fund said.
Oman’s move comes as part of a broader regional push to build financial ecosystems that can attract global capital and support diversification away from oil‑based growth.
The sultanate is joining other Gulf countries including the UAE and Saudi Arabia that have set up their own financial centres and are growing strongly.
Assets Under Management at ADGM, Abu Dhabi's international financial centre grew 48 per cent on an an annual basis in third quarter of 2025, with 161 asset and fund managers, managing 220 funds.
The number of active licences across ADGM reached 11,920 at the end of third quarter last year, with a total of 2,801 licences issued in 2025 alone.
Dubai International Financial Centre is also recording a strong growth, with a record number of new firms establishing operations in the centre.
Saudi Arabia, through the King Abdullah Financial District in Riyadh, a cornerstone of its Vision 2030 strategy, is looking to establish itself as a regional financial hub. Backed by the Public Investment Fund, it has drawn interest from international financial companies.
The kingdom introduced a regional headquarters initiative in 2024, requiring companies to set up a base in the kingdom or risk losing out on government contracts. International companies including Citibank and Goldman Sachs have set up regional headquarters following the initiative.
BlackRock, the world's biggest asset manager, also launched a Riyadh-based, multi-asset investment management platform in the kingdom.
In Doha, the Qatar Financial Centre has been a key part of efforts to diversify its economy, providing a legal and regulatory platform designed to attract local and international financial and professional services firms.
