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Financial Services Authority of Oman (FSA)

There is no formal financial center as such in Oman. Hence, the Financial Services Authority represents the Omani financial center at WAIFC.
https://fsa.gov.om/

What is the Financial Services Authority?

The FSA has its origins in the Capital Market Authority, which was established by Royal Decree 80/98, issued on November 9, 1998, and commenced its duties on January 9, 1999. In 2024, by Royal Decree 20/2024, it was replaced by the FSA.

It is a government entity with juristic personality, financial and administrative independence and its board of directors is chaired by HE Yahya bin Said Al- Jabri. 

The FSA is the regulator and supervisor of capital market and insurance investors/policy holders as per its strategy to upgrade the sectors, maximize domestic and foreign investors’ confidence, continued development of the institutions operating in the capital and insurance sectors, diversifying the products and involve greatest number of participants to achieve utmost added economic value for the Omani economy

Facts

Business
  • Oman is continuously aiming to facilitate doing business in the country. It became a member of WTO in 2000.
  • Invest Easy was launched on 25 July 2016 by Ministry of Commerce and Industry
  • Invest Easy initiative aims to provide easy, fast, secure and high-quality electronic services to start a business
  • As per the World Bank, Oman is ranked 78 out of 190 countries in ease of doing business in 2018

 
Logistics
  • Oman enjoys strategic location overseeing 4 vital water passes, the strategic strait of Hurmuz, the Arabian Gulf, the Sea of Oman and the Arabian Sea
  • Oman aims to become a logistic hub in the region
  • There are 2 international airports in Muscat and Salalah
  • There are also several seaports, most important of which are in Sohar, Muscat, Duqum, and Salalah
  • Oman has high-quality roads. According to Global Competitiveness Index Oman ranks 8th in the world in quality of roads
  • Oman contiguously works to improve its transportation system and infrastructure

 
Cultural diversity
  • Recent research indicates that Oman has always been receptive to different cultures
  • Multiculturalism is the scene in Oman
  • The country has attracted a variety of people from different backgrounds in the last four decades
  • The Omani society, in general, is tolerant and well-receptive of other cultures and ideas
  • Exchange of ethnic values in Oman is a catalyst for the success of the economic and business environments

 
Economy
  • Oman’s GDP in 2018 was $79,295 million
  • In 2018 also, GDP per capita reached $17,277.686
  • Labor force stood at 2.54 million in 2016
  • Main industries: Crude oil production and refining, natural and liquefied natural gas production, cement, copper, constructions, steel, optic fiber, chemicals
  • Main 3 export partners: China, Japan, UAE (2015 est)
  • Main 3 import partners: UAE, Japan, India (2015 est)
Political stability
  • According to the Global Competitiveness Index Report 2018, Oman ranks among top 10 countries in the world vis-à-vis political stability and security
  • Oman ranked 1 out of 100 in the world for terrorism incidence
  • It is in the 4th place when it comes to occurrences of organized crime
  • In reliability of police services Oman is in the 5th rank
  • Oman enjoys good relationships and friendships with all countries in the region and around the world, and is, thus, a trusted mediator to resolve regional political disputes between countries
Financial Culture
  • The Ministry of Finance manages public finance including state revenues and expenditure
  • The capital market authority supervises the capital market and insurance sectors as well as regulates them
  • There are 21 insurance and reinsurance companies in Oman
  • There are 14 stock brokerage firms
  • Banks, money exchanges and finance companies are regulated by the Central Bank of Oman
  • There are 15 banks in Oman, both local and foreign

 

Further Information

https://fsa.gov.om/

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