MUSCAT : The International Financial Centre of Oman is moving ahead with preparations to establish its legal, regulatory and operational framework as it works towards commencing full operations in 2027.
A package of laws is being prepared covering the registration and licensing of establishments, regulation of financial services and dispute resolution under an independent framework. These laws will form the legal foundation for the Centre and pave the way for the introduction of its first set of regulations and operational rules.
On the digital front, the Centre’s registration system is expected to enter the testing phase soon, ahead of its launch for companies to submit registration applications electronically.
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His Excellency Mahmoud bin Abdullah Al-Awaini, Chairman of the Board of Directors of the International Financial Centre of Oman, said the Centre was progressing steadily towards completing its legislative and regulatory frameworks as well as the required digital infrastructure.
He said the Centre would offer a stable and competitive environment for businesses and investors from around the world, leveraging Oman’s strategic location and strong international relations to create new opportunities for growth and generate sustainable value for the national economy.
The International Financial Centre of Oman has also stepped up its international engagement with companies, investors and professional services firms across several global markets.
In September, the Centre’s membership in the World Alliance of International Financial Centres was approved during the Alliance’s annual meeting in Busan.
The development followed the Centre’s participation in the Belt and Road Summit in Hong Kong and Astana Finance Days.
A delegation from the Centre is also scheduled to visit Bangkok next week for meetings with global financial services institutions on the sidelines of the International Monetary Fund and World Bank meetings, as well as the annual meeting of members of the Institute of International Finance.
Further meetings are planned in London during October as part of efforts to strengthen the Centre’s international network and attract financial institutions and investors.
The International Financial Centre of Oman aims to create a specialised business environment where financial institutions, investors and professional services firms can operate within a clear legal framework based on common law principles.
The framework will be supported by streamlined procedures for registration, licensing and dispute resolution.
The Centre is expected to help connect international capital and expertise with investment opportunities in Oman and the wider region, while supporting the objectives of Oman Vision 2040 by encouraging private investment, strengthening economic diversification and creating employment opportunities.
Company registration is scheduled to begin later this year, while licensing procedures are expected to commence in 2027.
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