Oman appoints Al Musalmi to head central bank

• Harvard Business School graduate
• Extensive ‘to-do’ list
• Diversification efforts underway

Ahmed Al Musalmi has been appointed governor of Oman’s central bank as the sultanate continues to diversify its economy away from a reliance on hydrocarbons.

The appointment was confirmed in a royal decree by Sultan Haitham bin Tariq al Said.

Sayyid Asaad bin Tariq Al Said has been named chairman of the board of directors at the central bank.

Al Musalmi, who replaces Tahir Al Amri, is a graduate of Harvard Business School and is the current CEO of Sohar International Bank. He was previously the head of National Bank of Oman.

The new banking executives will have an extensive “to-do” list.

Oman is under pressure from the International Monetary Fund to reduce its dependence on hydrocarbon receipts – the sultanate generates 72 percent of its revenue from oil and gas.

But diversification efforts are underway and appear to be paying dividends. 

• Oman imposes 15% tax on multinationals
• Oman and TotalEnergies target renewable projects
• Oman delays introduction of personal income tax

The Gulf state is positioning itself as a global leader in the hydrogen sector. Non-oil growth accelerated to roughly 4 percent in the first half of last year.

Ratings agency S&P expects Oman to post fiscal surpluses averaging 1.9 percent of GDP from 2024 to 2027, compared with 2.6 percent in 2023.

Oman’s economic indicators at a glance

The country was due to become the first in the GCC bloc to introduce income tax from 2026, although the State Council last month recommended this be postponed “pending further analysis into its overall impact”.

From the start of this year, Oman has imposed a minimum top-up tax (DMTT) of 15 percent on multinational companies.