OMAN GEARS UP WORK TO LAUNCH NEW INTERNATIONAL FINANCIAL CENTRE

Legal, regulatory and operational preparations for IFC man are advancing as the Centre builds towards full operations in 2027.

MUSCAT: The International Financial Centre of Oman is moving closer to opening its doors as work accelerates on its legal framework, rulebook and registry system.

The Centre is focused on completing the legal framework which will underpin IFC Oman and provide businesses and investors with the clarity, certainty and confidence to establish a base in Sultanate of Oman

A package of laws which create the foundations for business registration and licensing, financial services regulation, and an independent dispute resolution framework are due to be issued shortly.

They will provide the legal basis for IFC Oman’s relevant authorities to adopt an initial package of regulations and rules that will govern activities conducted in and through the Centre.

In parallel, a registry system will shortly move into testing phase. Once live, this system will enable businesses interested in establishing a base in IFC Oman to submit their applications online.

His Excellency Mahmood Al Aweini, the Chair of the IFC Oman Authority Board, said:

“IFC Oman is accelerating towards opening its doors, with its legal, regulatory and digital infrastructure moving into place. The Centre will offer global businesses and investors a stable and competitive place to do business, harnessing Oman’s enduring connections with countries around the world and its strategic location at the crossroads of continents, to unlock new opportunities for growth and create lasting value for Oman.”

IFC Oman has been stepping up its international outreach to engage prospective businesses, investors and professional services firms globally. In September it was approved as a member of the World Alliance of International Financial Centres at the organisation’s annual meeting in Busan. Following on from successful attendance at the Hong Kong Belt and Road Summit and Astana Finance Days, a delegation from IFC Oman will travel to Bangkok next week for meetings with global financial services firms in the margins of the IMF and World Bank meetings and the annual meeting of members of the Institute of International Finance. This will be followed by further meetings with prospective businesses in London later in October.

IFC Oman will provide a dedicated business environment in which financial institutions, investors and professional services firms can operate under a clear, common-law framework, supported by efficient registration, licensing and dispute resolution. It will connect international capital and expertise with opportunities in Oman and the wider region, supporting Oman Vision 2040 by increasing private investment, enabling economic diversification and creating employment opportunities.

IFC Oman will start registering companies later this year ahead of launching full licensing operations in 2027.