ISTANBUL

Oman has formally established an international finance center in the capital Muscat to attract investment and increase global competitiveness in financial services.

Sultan Haitham bin Tariq Al Said issued a royal decree on Monday to establish the Oman International Financial Centre with the aim of transforming the capital into a hub for international investments, state news agency ONA reported.

With the establishment of the center, Oman is committed to creating a reliable and effective environment with the aim of providing advanced financial services that meets the needs of global investors and institutions.

The center, to be established in the Medinet al-Irfan area of Muscat, could also expand to other locations.