Oman has announced plans to set up an international financial centre as part of broader efforts to diversify its economy and attract foreign investment, according to a statement carried by state media. The centre is expected to provide a platform for financial services, asset management and corporate headquarters operations.

Officials said the initiative aligns with Oman’s long-term economic strategy to reduce dependence on oil revenues and strengthen the private sector. By offering a supportive regulatory framework, the country aims to compete with established financial hubs in the Gulf region.

The proposed centre is expected to enhance capital-market activity and support the growth of financial services in the sultanate. Authorities believe it could help create jobs and attract international expertise into the local economy.

Economists noted that success will depend on regulatory clarity, transparency and competitive incentives. They added that building investor confidence will be crucial in attracting global firms to the new centre.

If effectively implemented, the project could play a significant role in reshaping Oman’s financial landscape and supporting long-term economic growth.

Source: Reuters.