The potential partnership between Oman’s International Financial Centre (IFC Oman) and the City of London Corporation, widely associated with the “Square Mile,” represents a strategic opportunity to strengthen the Sultanate of Oman’s position on the international financial map. Such cooperation could open new avenues for attracting foreign investment, mobilising international capital and directing financial resources towards priority productive sectors, in line with Oman Vision 2040 and its objectives of economic diversification, enhanced competitiveness and sustainable growth.
The establishment of IFC Oman under Royal Decree No. 8/2026 marks an important step towards developing a financial and investment environment capable of attracting international financial institutions and investors. However, the success of an international financial centre depends on more than its legal and institutional framework. It also requires strong international networks, investor confidence, specialised financial services and a clear connection between financial activity and the needs of the real economy.
In this context, the City of London Corporation could become a valuable strategic partner. The Square Mile is more than a geographical area or a concentration of banks; it represents an extensive international network connecting financial institutions, investors, professional services firms, policymakers and industry experts.
Cooperation with the City Corporation would therefore provide Oman with an opportunity to benefit from established international relationships and expertise in financial services development, investment promotion and capital mobilisation. The objective should not be to replicate the British model, but to draw on its experience to develop a distinctive Omani financial centre that reflects Oman economic priorities and competitive advantages.
The partnership would offer mutual benefits. Oman provides a strategic location connecting the Gulf, South Asia and East Africa, alongside investment opportunities in manufacturing, logistics, energy, tourism and technology. British and international financial institutions could gain access to emerging investment opportunities and regional markets, while Oman could benefit from international capital, specialised financial services, institutional expertise and high-quality employment.
Attracting international financial institutions and professional services firms should be one of the partnership’s primary priorities. The City of London Corporation could facilitate targeted engagement with international banks, asset managers, insurance and reinsurance companies, private equity and infrastructure funds, fintech firms, legal practices and financial advisers. Through investor meetings, specialised roundtables and business missions, the Corporation could help introduce IFC Oman to institutions whose business models align with the Centre’s legal and regulatory framework and the needs of regional markets.
This approach would enable Oman to move beyond general investment promotion towards a more focused strategy for attracting institutions capable of contributing to the development of its financial services sector. A clear investment proposition outlining the Centre’s governance, licensing arrangements, dispute-resolution framework, operating environment and access to regional markets would be essential to this effort.
Another priority is to connect IFC Oman with finance-ready investment projects across priority economic sectors in Oman. The Centre’s success should not be measured solely by the number of international institutions establishing operations in Oman, but also by its contribution to financing productive investment, expanding exports, increasing local value added and supporting private-sector growth.
Manufacturing offers particularly promising opportunities. Priority areas include pharmaceuticals and medical devices, chemicals and downstream processing, food manufacturing, metals, recycling and advanced industrial technologies. Cooperation with the City of London Corporation could help connect Omani industrial projects with international investors and specialised financing institutions, while supporting the development of suitable financial structures for new industrial investments and the expansion of existing manufacturers.
The same approach could extend to renewable energy, commercially viable green hydrogen projects, ports, logistics infrastructure, economic zones, tourism and selected public–private partnership projects. London-based financial expertise could help structure project finance, bonds, sukuk, supply-chain finance, export finance, growth equity and sustainable-finance instruments, depending on the needs and commercial viability of individual projects.
Small and medium-sized enterprises (SMEs) and exporters should also form part of this agenda.
Access to suitable financing remains important for businesses seeking to
expand production, improve productivity and enter new markets. Collaboration could explore financing solutions tailored to viable SMEs, including working-capital facilities, export finance and investment instruments that support business expansion and integration into international value chains.
A further area of cooperation is the development of capital markets and financial innovation. The City of London Corporation could facilitate the exchange of expertise with the Muscat Stock Exchange and Omani financial institutions in areas such as company listings, institutional-investor engagement, debt and sukuk markets, investor relations, market liquidity and transparent investment products. Cooperation could also extend to financial technology, digital payments, regulatory technology, cybersecurity and financial data.
Such initiatives would help broaden the financing options available to Omani businesses, strengthen market infrastructure and support the development of a more diversified financial sector. Any initiatives in these areas should be undertaken in coordination with the relevant Omani authorities, while fully respecting their regulatory independence and responsibilities for market supervision and investor protection.
Equally important is the development of national capabilities and the transfer of financial expertise. A structured cooperation programme could include professional training, technical workshops, expert exchanges and secondment opportunities covering project finance, asset management, risk management, compliance, anti-money-laundering controls, sustainable finance, fintech and investor relations.
These initiatives would help build the specialist skills required to operate an internationally competitive financial centre. They could also create opportunities for Omani professionals to develop careers in advanced financial services, strengthening the local talent base and supporting the Centre’s long-term sustainability.
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