Investment Banker Salary in Oman: Complete Compensation Guide 2026

Investment Banker Compensation in Oman

Oman offers a growing and distinctive investment banking market within the GCC, driven by the sultanate’s economic diversification program under Oman Vision 2040, a maturing capital markets infrastructure, and strategic energy transition investments. While smaller in scale than the UAE, Saudi Arabia, or Qatar, Oman’s investment banking sector provides professionals with substantive deal flow, a collegial professional environment, and the lowest cost of living among GCC capitals — creating savings potential that often surprises candidates who focus solely on headline salary comparisons. The Oman Investment Authority (OIA), formed by consolidating the sultanate’s previously separate sovereign funds, manages a diversified portfolio that generates advisory and capital markets mandates. Bank Muscat, the largest financial institution in Oman, maintains an active investment banking division, and Ubhar Capital has established itself as a leading independent investment banking platform.

The Muscat Securities Market (MSM), Oman’s primary stock exchange regulated by the Capital Market Authority (CMA), has seen steady growth in listed companies, trading volumes, and product diversity. The introduction of REITs, the development of a corporate bond market, and the growing pipeline of government-linked privatizations are creating new mandates for investment banking professionals. Oman’s energy transition — with major solar, wind, and green hydrogen projects planned under Vision 2040 — adds an entirely new dimension of project finance and capital markets activity that is attracting international interest and driving demand for investment bankers with energy finance expertise.

Salary Overview by Experience Level

Investment Banker salaries in Oman are denominated in Omani Rial (OMR), pegged to the US dollar at approximately OMR 1 = USD 2.60. The OMR’s strength means that salary figures represent substantial real purchasing power, particularly in Muscat where the cost of living is the lowest among GCC capitals.

Analyst (0–3 years): OMR 1,100–1,700 per month. Entry-level investment banking positions in Oman are available at Bank Muscat Investment Banking, Ubhar Capital, United Securities, and the corporate finance divisions of Oman’s major banks including National Bank of Oman, Bank Dhofar, and Sohar International. Analysts at Bank Muscat’s investment banking division start at OMR 1,300–1,700, benefiting from the bank’s dominant market position and comprehensive deal flow. Ubhar Capital offers OMR 1,200–1,600 with exposure to both ECM and advisory mandates. Omanisation requirements create a strong preference for Omani nationals at the analyst level, but expatriate analysts with specialised skills — particularly in energy finance, Islamic structuring, or international capital markets — find competitive positions.

Associate / VP (3–7 years): OMR 1,700–2,800 per month. Mid-level investment bankers in Oman lead transaction execution across a diverse mandate set. The Omani market’s smaller size means that VPs develop broad capabilities spanning M&A advisory, equity offerings on the MSM, sukuk issuances, project finance for energy and infrastructure, and privatization advisory — a breadth of experience that is difficult to achieve in larger markets where specialization occurs earlier. Bank Muscat VPs earn OMR 2,200–2,800 with access to the sultanate’s most significant financial transactions. Ubhar Capital offers OMR 1,800–2,500 for roles combining advisory with capital markets execution. Investment bankers with energy sector experience — particularly in oil and gas project finance, LNG transactions, or renewable energy development — command the top of the range, reflecting the sector’s dominance in Oman’s economy.

Director / Senior VP (7–12 years): OMR 2,800–4,200 per month. Directors in Oman’s investment banking sector manage critical client relationships with OIA, government ministries, OQ (the state energy company), Petroleum Development Oman (PDO), and major Omani corporate groups. Bank Muscat Investment Banking Directors earn OMR 3,200–4,200 for roles that combine deal origination with execution leadership across the sultanate’s capital markets and advisory landscape. Ubhar Capital Directors command OMR 2,800–3,800. In-house senior investment roles at OIA, managing segments of the sovereign fund’s domestic and international portfolio, offer OMR 3,000–4,200 with comprehensive government-entity benefits. The relationship-driven nature of Oman’s business culture means that Directors who have built deep personal connections with Omani government and business leaders — through years of consistent, high-quality advisory delivery — are the most valued and best compensated professionals in the market.

Managing Director / Partner (12+ years): OMR 4,200–7,000+ per month. MDs and Partners in Oman’s investment banking sector occupy influential positions within the sultanate’s financial community. Bank Muscat Investment Banking MDs earn OMR 4,500–7,000 in base compensation, supplemented by performance bonuses and long-term incentives. Ubhar Capital partners with established client relationships and revenue generation capabilities earn OMR 4,200–6,000. OIA’s most senior investment professionals command premium packages reflecting the strategic importance of the sovereign fund’s mandate. Total annual compensation for top-performing MDs in Oman reaches OMR 80,000–140,000 (USD 208,000–364,000), enhanced by Oman’s exceptional cost-of-living advantage that transforms moderate headline figures into substantial wealth accumulation.

Oman’s Investment Banking Market Characteristics

Energy Sector Dominance and Transition: The energy sector is the foundation of Oman’s investment banking market. Petroleum Development Oman (PDO), the sultanate’s largest oil and gas producer operated as a joint venture between the Omani government, Shell, TotalEnergies, and Partex, generates continuous demand for project finance, joint venture advisory, and construction contract structuring. OQ (Oman’s integrated energy company) oversees upstream exploration, downstream refining, petrochemical production, and renewable energy development, creating a diversified mandate set.

The transformative development in Oman’s energy landscape is the green hydrogen initiative. The sultanate has committed to becoming a major global green hydrogen producer, with projects planned in the Duqm Special Economic Zone and the southern Dhofar region. These hydrogen projects require project finance structures involving international development finance institutions, export credit agencies, and private capital — generating investment banking mandates that combine energy expertise with innovative financing approaches. Solar energy development (the Ibri II solar plant and successors), wind projects, and desalination financing add further dimensions to Oman’s energy-related investment banking activity.

Privatization Pipeline: Oman Vision 2040 includes a privatization program targeting government-owned enterprises across electricity, water, telecoms, and logistics. These privatizations, whether structured as IPOs on the MSM, strategic sales, or public-private partnerships, create high-value advisory and capital markets mandates. Investment bankers with privatization advisory experience are valued for their ability to manage complex stakeholder dynamics involving government ministries, regulatory bodies, potential acquirers, and public market investors.

Duqm Special Economic Zone: The Special Economic Zone at Duqm (SEZAD) represents one of the most ambitious development projects in Oman, spanning industrial manufacturing, logistics, petrochemical processing, and a deep-water port. The legal and financial complexity of SEZAD’s development — involving international investors from China, India, and GCC countries — generates corporate structuring, project finance, and advisory mandates for investment banking professionals.

Islamic Capital Markets: Oman’s Islamic banking sector has grown significantly since the sultanate authorized Islamic banking in 2012. Bank Nizwa (the first Islamic bank), Alizz Islamic Bank, and Islamic banking windows at conventional banks have expanded the sukuk issuance market. Omani government sovereign sukuk, quasi-sovereign issuances, and corporate sukuk create demand for investment bankers with Islamic capital markets structuring expertise.

Key Factors Affecting Salary

Omanisation: Oman’s workforce nationalization program has accelerated, with increasing quotas for Omani nationals in the private sector, particularly in banking and financial services. For investment banking, the practical impact is that analyst and some mid-level positions are increasingly targeted for Omani professionals. Expatriate investment bankers are most valued for specialist expertise: international capital markets execution, complex project finance structuring, cross-border M&A, and Islamic product innovation. Senior roles requiring international deal experience and relationships remain accessible to qualified expatriates, particularly those who demonstrate commitment to knowledge transfer.

Energy Finance Expertise: Investment bankers with oil and gas project finance experience, renewable energy financing knowledge, or green hydrogen project structuring capabilities command the highest premiums in the Omani market. This specialization is worth 15–25% in additional compensation above generalist levels and represents the single most effective way to maximize earning potential in Oman.

Employer Type: Bank Muscat dominates the investment banking market in terms of deal flow volume and compensation levels. Ubhar Capital provides an independent advisory alternative with competitive packages. United Securities offers capital markets execution roles. In-house investment positions at OIA provide sovereign fund prestige with exceptional benefits.

CMA Licensing: The Oman CMA requires licenced professionals for capital markets activities. Holding relevant CMA certifications facilitates placement and provides negotiation leverage. Investment bankers seeking positions in Oman should understand the CMA’s regulatory framework and any licensing requirements applicable to their target role.

Benefits That Boost Total Compensation

Housing Allowance: Typically OMR 250–600 per month depending on seniority. Muscat’s rental market is the most affordable among GCC capitals. A premium two-bedroom apartment in Al Khuwair, Bausher, or Ghubra costs OMR 280–500 per month. Upscale locations like Shatti Al Qurum, The Wave Muscat, and Al Mouj cost OMR 450–750. Energy sector employers (PDO, OQ) often provide company accommodation in purpose-built communities with recreational facilities, adding significant value beyond cash equivalents.

Performance Bonuses: Investment banking bonuses in Oman range from 20–60% of base salary. Bank Muscat bonuses are structured around institutional performance and individual deal contribution, with senior professionals receiving higher multiples. Ubhar Capital structures bonuses with deal-linked components. OIA in-house roles offer discretionary bonuses tied to portfolio performance. The bonus culture in Oman is more moderate than at DIFC-based bulge brackets, reflecting the market’s different institutional character.

Transport Allowance: OMR 100–250 per month. A car is essential in Oman, though Muscat’s traffic is moderate. Petrol is heavily subsidized, keeping running costs low. Energy sector employers provide company vehicles for roles requiring travel to operational sites in Duqm, Salalah, or field locations.

Medical Insurance: Comprehensive employer-provided coverage. Quality healthcare is available in Muscat through Sultan Qaboos University Hospital, Royal Hospital, and private facilities. Energy sector and banking employers provide premium plans covering employee and dependents with access to international referral networks.

Education Allowance: OMR 1,200–3,500 per child annually. Muscat has quality international schools including the American British Academy, British School Muscat, and Sultan’s School, with tuition ranging from OMR 1,500–4,500 per year — substantially lower than UAE or Qatar equivalents.

Annual Flights: Return flights for employee and dependents. OMR 250–650 per year. Senior professionals receive business-class travel for long-haul destinations.

End-of-Service Gratuity: Oman labour law mandates 15 days of basic salary for each of the first three years and one month per year thereafter. Oman’s social security system additionally requires employer contributions for both Omani and non-Omani employees.

Tax Implications

Oman introduced personal income tax in 2024 for high earners, making it the first GCC country to levy income tax on individuals. The tax applies at rates of 5–9% on annual income exceeding OMR 30,000 (approximately USD 78,000). For investment bankers earning below this threshold, income remains fully tax-free. For senior professionals earning above OMR 30,000 annually (OMR 2,500 per month), the effective tax rate remains modest — significantly lower than any Western jurisdiction. Oman also charges 5% VAT on goods and services. Corporate tax of 15% applies to Omani companies but does not affect employment income. Even with the personal income tax, Oman’s overall tax burden remains extremely favorable by international standards.

Top Employers for Investment Bankers in Oman

• Bank Muscat Investment Banking: The investment banking division of Oman’s largest bank. Handles the majority of MSM listings, major sukuk issuances, M&A advisory, and government privatization mandates. Offers the broadest deal flow in the Omani market, competitive compensation, and comprehensive benefits as part of the country’s premier banking group. Involvement in virtually every significant Omani capital markets transaction makes Bank Muscat the defining institution in the market.
• Ubhar Capital: Oman’s leading independent investment banking and asset management firm. Handles ECM, advisory, and fund management mandates. Offers a dynamic environment with direct deal exposure and competitive packages. The independent platform allows for deal-linked compensation structures that reward origination and execution performance.
• United Securities: A capital markets intermediary handling brokerage, equity research, and capital markets execution on the MSM. Offers exposure to Oman’s equity markets with competitive compensation tied to market activity levels.

Quality of Life Advantage

Oman’s quality of life represents a distinctive and often underappreciated element of its investment banking compensation proposition. Muscat is regularly cited as one of the most liveable cities in the Middle East, combining modern infrastructure with extraordinary natural beauty. Investment bankers working in Oman enjoy weekend access to dramatic mountain landscapes (Jebel Akhdar, Jebel Shams), pristine coastline (Daymaniyat Islands, Musandam fjords), desert environments (Wahiba Sands), and a rich cultural heritage (Nizwa, Bahla forts). The pace of life is more measured than in Dubai or Riyadh, and the Omani culture of hospitality and respect creates a welcoming environment for expatriate professionals and their families.

This lifestyle advantage has tangible financial implications. Lower stress, manageable working hours (by investment banking standards), and a family-friendly environment contribute to longer average tenures in Oman compared to higher-pressure markets. Longer tenures generate greater end-of-service gratuity, deeper relationship capital with Omani clients, and the compounding benefit of consistent savings in a low-cost environment. Investment bankers who approach Oman with a multi-year commitment frequently discover that the cumulative financial outcome — combining steady compensation, minimal expenses, and quality-of-life satisfaction — rivals or exceeds what they might achieve through higher-headline but shorter-tenure stints in more expensive markets.

Career Progression and Growth

Oman’s investment banking market rewards deep expertise, institutional loyalty, and long-term relationship investment. Career progression typically occurs within a single institution, with investment bankers building progressively deeper knowledge of the Omani market, stronger client relationships, and broader transaction capabilities over multi-year tenures. Bank Muscat provides structured career development with clear progression milestones. Ubhar Capital offers more entrepreneurial career paths where origination capability and deal execution excellence drive advancement.

Exit opportunities include in-house strategic finance roles at OIA, OQ, PDO, and other major Omani enterprises. Corporate development positions at Omani conglomerates provide strategic advisory with operating company exposure. Some professionals transition to advisory roles in Oman’s growing renewable energy sector, leveraging investment banking financial structuring skills for project development.

Salary Negotiation Tips

• Lead with energy sector credentials: Oil and gas project finance, renewable energy structuring, or green hydrogen financing experience should be prominently featured. Oman’s energy transition creates premium demand for these skills.
• Calculate the savings equation: Model your monthly savings in Oman against alternatives in Dubai, Doha, or Riyadh. Muscat’s cost advantage is substantial, and demonstrating financial sophistication in your analysis signals the analytical rigor that employers value.
• Negotiate the lifestyle package: Housing in premium Muscat locations, education benefits, and family flight allowances collectively add significant value. Negotiate these benefits as integral package components.
• Consider the tax threshold: With personal income tax applying above OMR 30,000 annual income, understand the effective rate and structure your package accordingly. Even above the threshold, rates of 5–9% are dramatically lower than international alternatives.
• Express long-term commitment: Omani employers value professionals who signal genuine commitment to the sultanate’s development. Expressing interest in Oman Vision 2040 goals, renewable energy transition, and knowledge transfer demonstrates the attitude that secures the best opportunities and highest compensation.

Living and Working in Muscat

Muscat provides a modern professional environment with the character and warmth that has made Oman a beloved destination for expatriate professionals across the GCC. The Central Business District in Ruwi, the modern developments in Al Khuwair and Bausher, and the waterfront locations of Shatti Al Qurum and Al Mouj (The Wave) create an attractive work-life landscape. Commutes in Muscat rarely exceed 25 minutes, and the city’s layout along the coast provides scenic daily drives that contrast sharply with the highway congestion of larger Gulf cities.

International schools in Muscat (American British Academy, British School Muscat, Sultan’s School, Azzan Bin Qais International School) offer quality education at fees substantially below UAE equivalents. Healthcare is provided through Sultan Qaboos University Hospital, Royal Hospital, and an expanding network of private facilities. The Muscat International Airport connects efficiently to major global destinations, and the Oman Air network provides convenient Gulf and Indian subcontinent connectivity.

For investment bankers who seek a market where professional contribution is genuinely impactful, where deal flow is substantive and varied, where the cost of living enables meaningful wealth accumulation, and where the surrounding environment enriches life beyond the office, Oman represents one of the most compelling and underappreciated opportunities in the GCC.

Detailed Employer Salary Benchmarks

Access exact salary ranges at Oman’s top investment banking employers, including Bank Muscat Investment Banking, Ubhar Capital, United Securities, and in-house investment teams at OIA, OQ, and PDO. Data covers base salary in OMR, housing allowance, transport, bonus structures, energy sector premiums, and total compensation from Analyst through Managing Director.

Oman Investment Banking Savings Model

A detailed financial model comparing five-year wealth accumulation in Oman versus Dubai, Doha, Riyadh, and Bahrain for investment banking professionals at each seniority level. Includes Muscat cost-of-living data, personal income tax calculations at the new thresholds, end-of-service gratuity projections, and realistic monthly budget scenarios at different income levels.