Madinat al Irfan to host OGFC

Muscat: The Oman Global Financial Centre (OGFC) will be based in Madinat al Irfan, with the possibility of expansion to other locations as permitted by law.

The establishment of OGFC, issued by Royal Decree No. (8/2026), goes in line with the strategic directions of the Sultanate of Oman aimed at diversifying the national economy and enhancing its position as a global center for financial services, attracting capital, and supporting innovation.

The establishment of this center also embodies the Sultanate of Oman’s commitment to building a reliable and effective system for providing advanced financial services that meet the needs of investors and global institutions.

Administrative and legislative Autonomy

Under the Oman International Financial Centre Law, the Centre enjoys administrative, financial, and legislative independence and will work to develop a regulatory, legal, and judicial framework that is in line with international standards and based on the principles of English common law.

The governance of the center is based on a board of directors appointed by His Majesty the Sultan, may God protect and preserve him, to assume the authority to supervise the center to achieve its objectives, in addition to three bodies: (the Oman International Financial Centre Authority, the Financial Centre Regulatory Authority, and the Dispute Resolution Authority), which exercise their powers independently in accordance with the provisions of the law.

Tax exemption

The center will work to attract investments related to financial activities and supporting sectors through a package of incentives and tax exemptions for up to 50 years.

The center will also work during the next phase on preparing the legislative and regulatory frameworks and involving stakeholders, targeted companies, and legal experts, in addition to developing the necessary operational frameworks to launch its work and begin actual operation during this year.

Abdul Salam bin Mohammed al Murshidi, Chairman of the Oman Investment Authority (OIA) and member of the Supervisory Committee for the establishment of the Oman Global Financial Centre project, said: “The establishment of the center is the culmination of efforts made to achieve financial stability and economic diversification, and reflects the supreme keenness of His Majesty Sultan Haitham bin Tariq al Said to create an attractive investment environment that enhances the position of the Sultanate of Oman as a leading financial center characterized by stability, integrity and efficiency.”

Innovative and Advanced Infrastructure

Al Murshidi added in a statement that the center will be distinguished by an innovative and advanced infrastructure for financial services, and will provide a safe and transparent environment for financial institutions and investors, looking forward to the center becoming a strategic attraction and a source of capital, which will contribute to achieving the “Oman 2040” vision in promoting the concept of economic diplomacy and stimulating economic diversification.

Mahmoud bin Abdullah al Awaini, Secretary General of the Ministry of Finance and Chairman of the Executive Committee for the establishment of the Oman Global Financial Centre (OGFC), said that after achieving accomplishments in the financial and economic sector and improving the credit rating of the Sultanate of Oman, the establishment of this center comes as a continuation of the development of the financial sector and to contribute to accelerating the achievement of the goals of the “Oman 2040” vision through diversifying the economy, attracting investment and building global partnerships.

Global practices

A thoughtful approach was taken to establish this center by reviewing global best practices and future aspirations, and developing a clear vision for the center that is commensurate with the unique capabilities and competitive advantages that the Sultanate of Oman enjoys, including its geographical location, political stability, cultural diversity, and well-established international relations.

He pointed out that the OGFC is distinguished by its ability to combine various competitive advantages that enhance its position as a leading destination for companies and investors, by offering competitive costs, rapid response, legislative flexibility, and opportunities to access global markets.

The Secretary General of the Ministry of Finance and Chairman of the Executive Committee for the establishment of the Oman Global Financial Centre said, “We seek to work with strategic partners to ensure the realization of this ambitious vision, and we look forward with confidence to the bright future that awaits the Oman Global Financial Centre in the Sultanate of Oman.”