Oman International Financial Centre

The Decree creates a distinct legal and regulatory framework within the Sultanate of Oman, under which financial and related activities conducted within or through the OIFC are subject to a specialised licensing and supervisory regime administered by the OIFC Authorities. Headquartered in Madinat Al Irfan, with provision for future expansion, the OIFC operates as a ring-fenced jurisdiction for licensed entities, with its own regulatory structure and compliance requirements, while remaining part of the sovereign legal order of Oman. The establishment of the OIFC forms part of Oman’s broader economic diversification strategy under Oman Vision 2040.

The significance of the OIFC lies in its adoption of a model similar to that of fellow regional financial freezones such as the Dubai International Financial Centre or the Qatar Financial Centre, whereby the OIFC will function with administrative, financial and legislative independence. Unlike Oman’s conventional free zones and financial zones, which operate under Oman’s general legal regime for companies, commercial activity and labour, the OIFC is designed to function as a separate legal jurisdiction, the first of its kind in the Sultanate.

The institution’s governance is structured to ensure that legal and regulatory functions are exercised independently and transparently. A Board of Directors, appointed by the Sultan, will guide the centre’s strategic direction and ensure that its objectives are met. The legislation further establishes three independent authorities, each statutorily empowered to perform its respective functions. The OIFC Authority is responsible for the centre’s infrastructure and administration, the OIFC Regulatory Authority is tasked with the licensing and supervision of companies providing financial and ancillary services, and the OIFC Dispute Resolution Authority is charged with upholding the judicial independence and administering the centre’s judicial mechanisms. 

The legislation establishes a comprehensive licensing scheme whereby no profession may be practised nor any operations conducted, within or through the OIFC, without a license, permit, or approval from the OIFC authorities. "Licensed Establishments" refers to any establishment registered, licensed, or authorised to operate or carry out activities within the centre or through it, in accordance with the centre's applicable laws. These Licensed Establishments must maintain a headquarters within the centre's boundaries, but they can establish branches or subsidiaries outside of the centre’s boundaries and own shares in companies registered throughout Oman. They can also carry out activities outside Oman, with appropriate authorisation from the OIFC Regulatory Authority. When the Licensed Establishments operate outside the OIFC's boundaries, they become subject to Omani legislation, save for when they conduct promotional and marketing activities, make public offers, or provide related advice. Contracts and transactions resulting from such activities are legally deemed to have been concluded within the centre.

A particularly notable legal feature in the OIFC regime is its judicial framework, set to operate independently from Oman’s domestic courts. The law mandates the initial establishment of a two-tier judicial system, a Court of First Instance and an Appellate Court, with provision for additional tiers subject to a Royal Decree. The OIFC court will adjudicate civil, commercial and employment matters arising within the OIFC, and orders of the OIFC courts, as well as arbitration awards recognised by them, will be enforceable in mainland Oman, in accordance with the conditions set out in the legislation.

The OIFC’s regulatory and juridical framework will apply principles derived from English Common Law, in conformity with international standards. Importantly, the courts will also have jurisdiction over any civil or commercial claims where the parties agree in writing to confer jurisdiction on the OIFC courts, provided that such an agreement is specific and clear. This written agreement can be made either before or after a dispute arises, effectively allowing parties to access OIFC’s judicial framework and courts, regardless of where the contract was negotiated, executed, or performed.

As part of the implementation process, the centre is currently developing its legislative and regulatory frameworks, compliance standards and operational procedures necessary for its full launch, which is expected to begin before the end of 2026.

The establishment of the OIFC marks a critical advancement for Oman’s financial and business sectors. By creating a legally autonomous institution with regulatory and judicial frameworks aligned with international standards, the OIFC enables Oman to strengthen its integration with global capital markets and enhance its commercial growth.