Oman plans to launch full licensing at its new international financial centre by 2027 and is to begin registering companies later this year.
IFC Oman, the plans for which were first revealed in January, is currently working on its legal framework, rule book and registry system, it said in a statement on Monday.
A package of laws for business registration and licensing, financial services regulation and an independent dispute resolution framework are to be issued shortly, the financial centre said. They will provide the legal basis for IFC Oman’s authorities to adopt an initial package of regulations and rules.
A registry system, which will enable businesses to submit their applications online, is to move into the testing phase soon, the statement added.
“IFC Oman is accelerating towards opening its doors, with its legal, regulatory and digital infrastructure moving into place," said Mahmood Al Aweini, chairman of the IFC Oman Authority Board. "The centre will offer global businesses and investors a stable and competitive place to do business."
IFC Oman will join other existing financial centres in the Gulf, including Abu Dhabi's international financial centre ADGM, the Dubai International Financial Centre and the King Abdullah Financial District in Riyadh, as well as the Qatar Financial Centre.
The financial centre has started boosting its international outreach to engage prospective businesses, investors and professional services firms around the world, the statement said.
Oman has been taking steps to diversify its economy away from oil, with investments in sectors such as logistics, manufacturing and property helping to expand its non-oil economic base.
Under its economic and social reforms programme, Oman aims to reduce its dependence on oil income from about 30 per cent to 16 per cent by 2030 and 8.4 per cent by 2040.
The sultanate has also announced the introduction of personal income tax starting in 2028, with a 5 per cent rate of tax on annual income exceeding 42,000 Omani rials ($109,134). Muscat also unveiled a golden visa programme in August to attract more foreign investment into the country.
It also has plans to build a new economic area centred on developing its artificial intelligence capabilities, as it aims to accelerate its technology sector to strengthen its economy.
Last month, S&P Global Ratings boosted the economic growth forecast for Oman to 3.5 per cent on the back of favourable trade logistics amid the Iran war. The outlook is more than double the previous 1.6 per cent real GDP growth estimate for the sultanate. It is also higher than the 2.3 per cent growth posted by Oman last year.