Muscat – H M Sultan Haitham bin Tarik, issued nine significant Royal Decrees on January 1, 2025, introducing a series of strategic reforms and decisions aimed at bolstering governance, financial stability, and institutional frameworks in the Sultanate.
• Approval of the 2025 State Budget
H M Sultan Haitham ratified the state’s general budget for the fiscal year 2025. This decision, issued under Royal Decree No. 1/2025, was made after its presentation to the Council of Oman. The decree outlines that all administrative units of the state are to implement its provisions starting from January 1, 2025. The budget, detailed in attached tables, reflects the Sultanate’s financial priorities for the coming year.
• Introduction of a New Banking Law
A comprehensive overhaul of Oman’s banking legislation was approved under Royal Decree No. 2/2025, replacing the Banking Law of 2000. The updated law introduces modern regulatory standards and aims to strengthen the resilience and competitiveness of Oman’s financial sector. The Central Bank of Oman (CBO) has been tasked with issuing necessary regulations and instructions, ensuring compliance by all licensed institutions within six months, with the possibility of extensions.
• Granting Independence to the Central Bank of Oman
The Central Bank of Oman was granted legal, financial, and administrative independence under Royal Decree No. 3/2025. The new provisions enable the bank to enhance its operations and achieve its strategic objectives. Muscat was affirmed as the headquarters of the CBO, with the Board of Directors empowered to establish branches domestically and internationally.
• Reconstitution of the CBO Board of Directors
Royal Decree No. 4/2025 restructured the Central Bank’s Board of Directors, appointing H H Sayyid Taimour bin Asa’ad bin Tarik as Chairman. The Board includes prominent figures such as the Minister of Economy as Vice Chairman, the CBO Governor, the Undersecretary of the Ministry of Finance, the Chairman of the Financial Services Authority, and several financial experts. This decree underscores a commitment to strong leadership in Oman’s monetary policy.
• Appointment of a New CBO Governor
Under Royal Decree No. 5/2025, Ahmed bin Ja’afar bin Salim al Masalami was appointed as the new Governor of the Central Bank of Oman, with the rank of Minister. His appointment signals a focus on experienced leadership to steer the nation’s monetary and financial policy during a crucial period of economic transformation.
• Reforms in the College of Banking and Financial Studies
Royal Decree No. 6/2025 introduced changes to the governance of the College of Banking and Financial Studies. The governing body’s name was changed to the ‘Board of Trustees,’ and its composition was updated to include representatives from the banking sector. These changes aim to align the college’s operations with modern educational and industry standards.
• Appointment of New Advisors to the Private Office
Royal Decree No. 7/2025 appointed Hussein bin Ali bin Abdul Latif and Sayyid Dr. Sultan bin Ya’arub bin Qahtan Al Busaidi as Advisers at the Private Office with the rank of minister. Their appointments aim to strengthen the advisory capabilities of the Private Office in supporting the Sultanate’s strategic vision.
• Adoption of a New Organisational Structure for Royal Court Affairs
Royal Decree No. 8/2025 approved a revised organisational structure for Royal Court Affairs. The changes are designed to enhance the efficiency of this vital institution, ensuring alignment with national priorities and governance standards.
• Promotion and Appointment in the Royal Court Affairs
Under Royal Decree No. 9/2025, Brigadier Dr. Saif bin Zaher bin Saif Al Salmi to Major General and appoints him as Head of the Special Medical Affairs Unit at the Royal Court Affairs. This appointment reflects the Sultanate’s commitment to recognising and utilising skilled leadership in key areas.
These decrees collectively mark a transformative step towards strengthening Oman’s governance, financial systems, and institutional frameworks. They highlight H M Sultan Haitham bin Tarik’s strategic focus on sustainable development, economic resilience, and administrative excellence as the nation moves into 2025.
