His Majesty Sultan Haitham bin Tarik, issued a royal decree for setting up IFC Oman and enacting its own dedicated law. 

The creation of the Centre reflects Oman’s commitment to building a trusted and effective ecosystem for delivering advanced financial services that meet the needs of investors and global institutions.

Under the Law of the International Financial Centre of Oman, the Centre shall have administrative, financial, and legislative independence. It will develop a regulatory, legal, and judicial framework aligned with international standards and based on English Common Law.

The governance of the Centre shall be overseen by the IFC Oman Board, to be appointed by His Majesty the Sultan, vested with the authority to supervise the Centre in achieving its objectives. 

In addition, three independent entities shall operate in accordance with the provisions of the law: the International Financial Centre of Oman Authority, International Financial Centre of Oman Regulator, and International Financial Centre of Oman Dispute Resolution Authority, each exercising its respective mandates independently.

The Centre will be headquartered in Madinat Al Irfan, with the possibility of expansion to other locations, according to the law. It 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.

Abdulsalam Mohammed Al Murshidi, President of Oman Investment Authority, said: "The establishment of International Financial Centre of Oman represents the ongoing efforts to achieve financial stability and economic diversification. It reflects the keenness of HM Sultan Haitham bin Tarik, to create an attractive investment environment that enhances the Sultanate of Oman’s position as a leading financial hub distinguished by stability, integrity, and efficiency."

"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 realisation of Oman’s vision of strengthening the concept of economic diplomacy and stimulating economic diversification," he added.

Abdulsalam Mohammed Al Murshidi, President of Oman Investment Authority, said: "The establishment of International Financial Centre of Oman represents the ongoing efforts to achieve financial stability and economic diversification. It reflects the keenness of HM Sultan Haitham bin Tarik, to create an attractive investment environment that enhances the Sultanate of Oman’s position as a leading financial hub distinguished by stability, integrity, and efficiency."

"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 realisation of Oman’s vision of strengthening the concept of economic diplomacy and stimulating economic diversification," he added.

IFC Oman Chairman Mahmood Abdullah AlAweini said: "Following the significant achievements in the financial sector and the tangible improvement in the Sultanate of Oman’s credit rating, the establishment of the Centre 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 stated.

"Together with our strategic partners, we aim to work towards bringing this ambitious vision into reality and confidently look ahead to the bright future awaiting IFC Oman," he added.-TradeArabia News Service