The Sultanate of Oman intends to establish an international financial center
Muscat, 6 January / WAM / The Sultanate of Oman intends to establish an international financial centre, which will enjoy legislative, administrative and regulatory independence and will be built on a new financial and judicial system that is in line with international standards.
The Oman News Agency reported that the establishment of the “Oman International Financial Center,” which was approved by the Council of Ministers at its meeting today, comes as a deliberate and systematic strategic step based on a study of global and regional experiences.
The establishment of the center aims to create an attractive environment for investments, commercial banks and international financial institutions specialized in commercial and Islamic banking, financial and insurance services and other supporting activities, transfer knowledge and provide more qualitative jobs in the financial sectors.
The Omani News Agency quoted His Excellency Sultan bin Salem Al Habsi, Minister of Finance and Chairman of the Supervisory Committee for the Center’s Establishment Phase, as saying that the establishment of the Center will contribute to strengthening the role of the financial sector to achieve the goals of economic diversification in integration with the efforts to develop the financial and investment sector and the future directions that the Sultanate of Oman aspires to.
He added that the center will work as an enabling environment with multiple privileges for managing investments, establishing companies, and establishing commercial partnerships based on facilitating the movement of capital, financial services, and supporting financial innovation.
He explained that through this center, we will benefit from the capabilities that the Sultanate of Oman enjoys in terms of political stability, investment attractiveness, and economic partnerships with various countries of the world.
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