Madinat al Irfan Welcomes OGFC: Key Opportunities for Investors and Entrepreneurs in Oman
Muscat: The Oman Global Financial Centre (OGFC) will be established in Madinat al Irfan, with the potential for future expansion to other locations as permitted by law. This initiative, formalized by Royal Decree No. (8/2026), aligns with the Sultanate of Oman’s strategic objectives to diversify its economy and enhance its stature as a global hub for financial services, attracting capital and fostering innovation.
The establishment of the OGFC underscores Oman’s commitment to creating a reliable and effective system for offering advanced financial services that cater to investors and global institutions.
Administrative and Legislative Autonomy
Under the Oman International Financial Centre Law, the OGFC will operate with administrative, financial, and legislative independence. It aims to develop a regulatory, legal, and judicial framework that meets international standards based on principles of English common law. Governance will be overseen by a board of directors appointed by His Majesty Sultan Haitham bin Tariq al Said, complemented by three independent bodies: the Oman International Financial Centre Authority, the Financial Centre Regulatory Authority, and the Dispute Resolution Authority.
Tax Exemptions
The OGFC plans to attract investments in financial activities and related sectors by offering a range of incentives and tax exemptions for up to 50 years. In the upcoming months, work will focus on preparing legislative and regulatory frameworks, engaging stakeholders, targeted companies, and legal experts, as well as developing operational structures to commence operations within this year.
Abdul Salam bin Mohammed al Murshidi, Chairman of the Oman Investment Authority (OIA) and a member of the Supervisory Committee for the OGFC, stated, “The establishment of the center is the culmination of efforts aimed at achieving financial stability and economic diversification. It reflects His Majesty’s commitment to creating an attractive investment environment that positions Oman as a leading financial center characterized by stability, integrity, and efficiency.”
Innovative and Advanced Infrastructure
Al Murshidi further noted that the OGFC will feature innovative and advanced infrastructure for financial services, providing a safe and transparent environment for financial institutions and investors. The goal is for the center to become a strategic attraction and source of capital, contributing to the “Oman 2040” vision by promoting economic diplomacy and stimulating diversification.
Mahmoud bin Abdullah al Awaini, Secretary General of the Ministry of Finance and Chairman of the Executive Committee for the OGFC, emphasized that the establishment of this center continues the development of the financial sector in light of recent achievements in improving Oman’s credit rating and aims to further diversify the economy and strengthen global partnerships.
Global Practices
The establishment of the OGFC has been approached thoughtfully, reviewing global best practices and future aspirations while developing a clear vision that capitalizes on Oman’s unique capabilities, including its geographical location, political stability, cultural diversity, and robust international relations.
Al Awaini stated that the OGFC integrates various competitive advantages to enhance its desirability as a hub for companies and investors, offering competitive costs, rapid responsiveness, legislative flexibility, and access to global markets. He expressed confidence in working with strategic partners to realize this ambitious vision, looking forward to a promising future for the Oman Global Financial Centre.
Special Analysis by Omanet | Navigate Oman’s Market
The establishment of the Oman Global Financial Centre (OGFC) in Madinat al Irfan signals a pivotal shift towards economic diversification and strengthens Oman’s standing as a global financial hub. This presents significant opportunities for businesses to capitalize on tax incentives and an innovative regulatory framework that can attract foreign investment. However, investors must stay aware of the evolving landscape and be prepared to engage with the new legislative structures to maximize their opportunities in this dynamic environment.
