The former head of communications at the UK Financial Conduct Authority (FCA) has taken on a new role in Oman, tasked with spearheading the development of the country's financial centre, according to a report by Financial News.
New Role in Oman
John Howard, who served as the FCA's director of communications for over a decade, has been appointed as the chief executive of the Oman Financial Centre (OFC). The OFC is a government-backed initiative aimed at establishing Oman as a regional hub for finance and investment.
Howard's appointment comes as part of a broader push by Oman to diversify its economy away from oil and gas, with the financial sector seen as a key growth area. The OFC is expected to focus on attracting international financial institutions and fostering local talent.
Experience and Background
Howard left the FCA in 2022 after a 12-year tenure, during which he managed communications for the regulator through significant events, including the Covid-19 pandemic and the collapse of London Capital & Finance. Prior to the FCA, he held communications roles at the UK Treasury and the Bank of England.
In his new position, Howard will oversee the development of the OFC's regulatory framework and marketing efforts. The centre aims to become a competitive alternative to other regional financial hubs such as Dubai and Qatar.
Reaction and Impact
According to a statement from the OFC, Howard's experience will be instrumental in building the centre's reputation and attracting investment. The move underscores Oman's ambition to modernize its economy and reduce reliance on hydrocarbons.
The appointment has been welcomed by industry observers, who note that Howard's regulatory background could help Oman establish a credible financial centre. However, challenges remain, including competition from more established hubs and the need for significant infrastructure investment.
