MUSCAT : Oman plans to establish an international financial centre, its state news agency reported on Tuesday, as the oil producer seeks to compete with larger Gulf peers in attracting foreign firms keen to benefit from the region’s economic growth.
The government has approved the proposal, according to Oman News Agency, though no timeline for the launch was disclosed.
The financial centre will enjoy legislative, administrative and regulatory independence and will operate under a new financial, judicial and legislative framework aligned with global standards, the agency said.
In a bid to attract foreign businesses, Oman plans to create an international financial centre with legislative and regulatory independence. The centre will align with global standards, as per the state news agency. Although the government has approved the proposal, the timeline for its establishment has not been revealed.