Oman, the most easterly of the Gulf states, is to create an international financial centre, marking a significant step in the sultanate’s efforts to draw foreign capital and lessen its reliance on oil revenues as it accelerates economic diversification.
According to the Oman News Agency, the planned centre will operate with full legislative, administrative and regulatory independence. It will be underpinned by a newly developed financial, judicial and legal framework that aligns with global standards. No details were provided on when the centre will be launched or how it will be rolled out.
The initiative comes as Oman continues to broaden its economic base beyond hydrocarbons, following a path taken by other Gulf states. The country has been investing in sectors such as logistics, manufacturing and real estate to strengthen non-oil growth.
Under its wider economic and social reform agenda, Oman is targeting a reduction in oil income’s contribution to gross domestic product by 15 percent by 2030, with a further cut of 18 percent by 2040.
As part of these reforms, the sultanate has announced plans to introduce a personal income tax from 2028. The tax will be set at 5 percent on annual earnings above 42,000 Omani rials ($109,134). In August, Oman also launched a golden visa scheme aimed at attracting greater foreign investment.
The International Monetary Fund expects Oman’s economy to grow by 4 percent in 2026, following an estimated expansion of 2.9 percent last year, driven largely by diversification initiatives.
Oman’s decision reflects a broader regional trend, as Gulf countries work to build sophisticated financial ecosystems capable of attracting global investors and supporting a shift away from oil-led growth.
The sultanate joins neighbours such as the UAE and Saudi Arabia, which have already established financial centres that are expanding rapidly. Abu Dhabi Global Market, the UAE capital’s international financial centre, reported a 48 percent year-on-year rise in assets under management in the third quarter of 2025. At that time, 161 asset and fund managers were overseeing 220 funds.
ADGM issued 2,801 licences during 2025, bringing the total number of active licences to 11,920 by the end of the third quarter.
Dubai International Financial Centre has also continued to post strong results, with a record number of new companies setting up operations.
In Saudi Arabia, the King Abdullah Financial District in Riyadh—backed by the Public Investment Fund and central to the Vision 2030 strategy—is positioning the kingdom as a regional financial hub. The launch of a regional headquarters programme in 2024 has prompted global firms, including Citibank and Goldman Sachs, to establish bases in the country. BlackRock, the world’s largest asset manager, has also rolled out a multi-asset investment management platform in Riyadh.
Meanwhile, Qatar has been advancing diversification through the Qatar Financial Centre in Doha, which offers a dedicated legal and regulatory environment designed to attract both local and international financial and professional services companies.