Oman plans to set up an international financial centre in the country, the state news agency reported on Tuesday, as the small oil producer joins its bigger neighbours in seeking to attract foreign companies eager to capitalise on the region's growth.
The ONA news agency said the government had approved the plan without giving precise details or disclosing timing.
The financial centre would have "legislative, administrative, and regulatory independence, and will be built on a new financial, judicial, and legislative system aligned with global standards," it said.
It quoted Finance Minister Sultan bin Salim Al Habsi as saying the centre would help achieve economic diversification and develop the financial and investment sector.
Oman has followed the lead of other oil-producing countries that are seeking to diversify in its pursuit of investment in the financial sector and the privatisation of companies, including state energy firm OQ.
Combined with fiscal reforms, its efforts have helped the Sultanate pay down debt and credit rating agency Fitch upgraded it to investment grade last month.
Oman last week approved its 2026 budget with a deficit of $1.4 billion, based on an average oil price of $60 per barrel, lower than the $1.6 billion deficit expected for last year. International oil prices were trading around $62 per barrel on Tuesday.
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