Oman’s Head of State, Sultan Haitham bin Tarik, who is also the country’s Prime Minister, has issued a Royal Decree establishing the International Financial Centre of Oman (IFC Oman) and enacting its own dedicated law.
Under the Law of the International Financial Centre of Oman, issued by Royal Decree, 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 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—which is located in the western part of Muscat—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 initial 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.
The establishment of IFC Oman aligns with the Sultanate’s strategic directions aimed at diversifying the national economy, strengthening Oman’s position as a global hub for financial services, attracting capital, and supporting innovation. M