Oman sets out financial centre laws as work continues towards licensing

Sultan Haitham bin Tarik has issued decrees governing employment, financial regulation, courts and taxation at Oman's financial centre, according to government reports dated November 12. The measures form part of preparations for the International Financial Centre of Oman, which the government aims to use to attract capital and broaden the economy.

The reports, published on Oman's Foreign Ministry website, identify Decree No. 102/2026 as introducing the Employment Law. Decrees Nos. 103/2026 and 104/2026 introduce the Regulatory Law and Courts Law respectively, while No. 105/2026 extends top-up tax legislation to constituent entities belonging to multinational groups within the centre.

The centre's founding instrument, Royal Decree No. 8/2026, gives it its own legal personality and autonomy over its finances and administration. It reports to the Deputy Prime Minister for Economic Affairs. The decree also brings its attached bylaw into effect and takes effect on issuance; the government report does not specify that date.

Sayyid Theyazin bin Haitham Al Said, the deputy prime minister and the centre's board chairman, chaired a meeting reviewing preparations across legislation, regulation and operations. According to the government account, directors called for continued work to make the business environment stable and competitive enough to draw investors and international financial institutions.

Preparations are continuing towards separate operational milestones. A board-appointment announcement on ifcoman.om, datelined June 9, envisaged initial activities starting in stages by the end of 2026. A third-party press release carried by ZAWYA puts the start of licensing operations in early 2027 and says rules and operational capabilities are still being developed.

Descriptions of the legislative package differ. The ZAWYA release discusses an Operating Law covering a Registrar-General, public registers and continuing business compliance. It does not identify that law's decree number or explain its relationship to the employment and tax measures listed in the government report.

The government's stated objectives include drawing capital, supporting innovation and expanding Oman's financial-services role as part of economic diversification. The board's emphasis on investment conditions places governance and regulation alongside the practical work needed to begin operations.

In its analysis, Times of Oman argues that institutional trust and legal predictability could give the centre a competitive advantage. It also sees potential demand for legal, accounting, technology and compliance services, and closer connections between long-term investors, banks and the Muscat Stock Exchange. These are projected benefits, rather than reported economic results.