BY MOHAMMAD TARIQUE SALEEM
Oman is taking a major step toward reshaping its financial future with the formation of the Board of Directors for the International Financial Centre of Oman, announced through a Royal Order issued by His Majesty Sultan Haitham bin Tarik. The move signals not just the creation of a new institution, but a broader effort to position the country more confidently on the global financial stage. At the forefront of this initiative is HH Sayyid Theyazin bin Haitham Al Said, who will serve as Chairman of the Board. His leadership reflects the importance Oman places on this project as part of its long-term economic transformation agenda.
Rather than being treated as a routine administrative body, the Board has been shaped as a high-level team entrusted with guiding one of the country’s most strategic economic projects. Supporting him as Deputy Chairman is Sultan bin Salim Al Habsi, Minister of Finance. Alongside them sits a carefully selected group of senior figures, including the Chairman of the Oman Investment Authority, the Governor of the Central Bank of Oman, other experienced national experts, and an international independent specialist. This mix of local leadership and global expertise is designed to ensure that the Centre is both rooted in Oman’s national priorities and aligned with international financial standards.
The initiative is closely tied to Oman Vision 2040, the country’s long-term roadmap for economic diversification. At its heart, the vision is about reducing reliance on traditional revenue sources and building a more dynamic economy driven by investment, innovation, and global connectivity. The Financial Centre is expected to play a central role in that transformation. Speaking on the occasion, HH Sayyid Theyazin bin Haitham Al Said highlighted that the confidence shown by the leadership reflects how important this project is for Oman’s future. He described it as a key pillar in strengthening the country’s attractiveness to international investors and improving its competitiveness in the global market. The ambition behind the Centre goes beyond creating another financial district.
It is being developed as a place where businesses and investors can operate with trust, clarity, and stability. In a world where financial markets are often uncertain, Oman wants to position itself as a reliable destination where long-term value can be built with confidence. The Minister of Finance echoed this sentiment, emphasizing that strong governance will be at the core of the Centre’s identity. Clear rules, transparent regulation, and institutional integrity are expected to form the foundation of its operations, helping to build credibility with global markets from the very beginning. Legally, the International Financial Centre of Oman has been established under Royal Decree No. 8/2026 as an independent structure based on common law principles.
It will function through three main entities: the Authority, the Regulatory Authority, and the Dispute Resolution Authority. This framework is designed to ensure independence, efficiency, and investor protection. In the coming months, the newly formed Board will focus on finalizing the legal and regulatory systems needed to launch operations, which are expected to begin by the end of 2026. Alongside this, efforts will continue to shape a governance model built on accountability and transparency. Ultimately, the Centre is envisioned as more than a national project. It is a bridge between regions, connecting the Gulf with South Asia and East Africa, and strengthening Oman’s role as a growing hub for trade, finance, and investment in an increasingly interconnected world.
