Sultanate of Oman appoints Board of Directors for new common-law financial centre
Deputy Prime Minister to chair seven-member Board of the International Financial Centre of Oman, the Gulf's newest independent common-law financial jurisdiction.
The Sultanate of Oman has appointed the Board of Directors for the International Financial Centre of Oman (IFC Oman), the sovereign-backed common-law financial jurisdiction established by Royal Decree in January 2026. The seven-member Board, chaired by Oman's Deputy Prime Minister for Economic Affairs, holds the highest institutional authority within the Centre — responsible for approving legislation, issuing regulations and providing governance oversight as IFC Oman moves toward operational launch.
The Board
- His Highness Sayyid Theyazin bin Haitham Al SaidChairman; Deputy Prime Minister for Economic Affairs
- His Excellency Sultan bin Salim bin Said Al HabsiDeputy Chairman; Minister of Finance
- His Excellency Abdulsalam bin Mohammed bin Abdullah Al MurshidiBoard Member; President, Oman Investment Authority
- His Excellency Ahmed bin Jaafer bin Salim Al MusalmiBoard Member; Governor, Central Bank of Oman
- His Excellency Mahmood bin Abdullah bin Ahmed Al AweiniBoard Member; Chairman, IFC Oman Authority Board
- His Excellency Mulham bin Basheer bin Abdullah Al JarfBoard Member; Chairman, IFC Oman Regulatory Authority Board
- Dr. Kairat KelimbetovInternational Board Member; former Governor of the National Bank of Kazakhstan and founding Governor of the Astana International Financial Centre (AIFC)
The Board draws from the Sultanate's senior economic leadership: the officials responsible for the country's broader diversification agenda, the minister overseeing public finances, the Governor of the Central Bank, and the head of Oman's sovereign investment authority. Dr. Kelimbetov brings direct experience in building a common-law financial centre from the ground up, having led the establishment of the AIFC in Astana, Kazakhstan — one of the most closely studied new financial jurisdictions of the past decade.
A self-contained common-law jurisdiction
IFC Oman operates as a self-contained legal and regulatory environment, fully independent from mainland Omani legislation. Its laws are written and enforced in English under a common-law framework. Three independent entities govern the Centre: the IFC Oman Authority (operations and licensing); the IFC Oman Regulatory Authority (financial services regulation, aligned with FATF and IOSCO standards); and the IFC Oman Dispute Resolution Authority (an independent court and arbitration system). The separation of these functions is structural — reflected in the Board composition itself, where the Chairmen of the Authority and the Regulatory Authority sit as distinct members.
"IFC Oman carries the full weight of sovereign commitment. The Board's mandate is to ensure that every element of this Centre — its laws, its regulations, its institutions and its people — meets the standard that credible international investors and financial institutions expect. We are building a jurisdiction that serves the Sultanate's economic vision and earns the lasting trust of the global financial community."
Immediate priorities
The Board's immediate priorities are to constitute the Centre's authority bodies, approve the legal and regulatory framework, provide governance oversight, and assemble the international expertise the Centre requires. It will appoint the leadership of the IFC Oman Authority and the IFC Oman Regulatory Authority, and will support the establishment of the Dispute Resolution Authority, including judicial appointments as provided under the Founding Law. In parallel, the Board will approve the laws, regulations and rules that govern the Centre, aligned with FATF and IOSCO international standards from the outset.
A measured launch path
IFC Oman expects to begin accepting applications from professional and business services firms in September 2026, ahead of an official inauguration in January 2027. The phased approach is designed to ensure the regulatory and operational framework is fully in place before licensed financial services activity begins.
"IFC Oman is built with a clear purpose: to attract credible international investment, support the Sultanate's economic diversification, and expand the capacity of the regional financial sector. The common-law environment we are building — fully independent and internationally benchmarked — is the platform that makes that possible."
A strengthening macro backdrop
The Board's appointment coincides with a period of sustained economic improvement in the Sultanate. The IMF projects GDP growth of 3.5% in 2026 — the highest in the GCC. Public debt has fallen from 68% of GDP in 2020 to 32% in 2025. Sovereign credit ratings have been upgraded four notches to investment grade (Baa3 / BBB-), affirmed by S&P with a stable outlook in March 2026. Non-oil GDP now accounts for 70% of total output, with real non-oil growth of 3.1% sustained for a fourth consecutive year.
IFC Oman adds capacity, choice and depth to the financial services landscape of the Gulf region. Located at the intersection of the Gulf, South Asia and East Africa, the Centre is designed to serve international financial institutions, funds, family offices, fintech companies and professional services firms seeking access to three of the world's fastest-growing economic corridors from a single, regulated, common-law jurisdiction.
The appointment delivers on the vision of His Majesty Sultan Haitham bin Tarik for a financial jurisdiction that meets the highest international standards and serves the Sultanate of Oman for generations. Further milestones in the Centre's operational development will follow in the coming months.