The market capitalisation of the Muscat Stock Exchange (MSX) already reached RO 23 billion ($59.74 billion) so far this year, up from $57.458 billion at the end of 2021, this according to Haitham bin Salim al Salmi, Chief Executive Officer of Muscat Stock Exchange and Chairman of Muscat Clearing & Depository was quoted as saying by CNBC Arabia. According to the CEO, the United Arab Emirates is the most invested country in the Sultanate of Oman, followed by Qatar and The Netherlands.
In fact, at the end of last week, trading in MSX increased amounting to RO 700 million. There is also an oil pipelines company affiliated with Energy Development Oman (EDO) which intends to present its data in preparation for listing in the Muscat Stock Exchange.
The CEO also highlights the move to attract more international investors and foreign capital inflows in the country by increasing the percentage of foreign ownership in joint stock companies to 100 per cent — a first step towards promoting the Muscat Stock Exchange into an emerging market. Al Salmi also said the financial sector constitutes 51 per cent of the total market value of the stock exchange, or the equivalent of RO 5.3 billion at present time, but with the entry of the oil sector, there will be a balance in the market.
Al Salmi noted in particular the Investors Roadshow — the biggest meeting of the new Oman’s rebranded stock exchange, which will happen on September 5-6 at Shangri-La Barr Al Jissah — will include companies currently listed and soon-to-be-listed as well as IPO companies, highlighting Oman’s 2040 Vision and the adjustments that have taken place in terms of credit rating. The roadshow is a unique opportunity to attract the attention of the global investment community towards the listed companies in the Sultanate of Oman and introducing the global funds of their latest developments and growth prospects of the listed listed companies in the MSX.
The 2-day investor roadshow will include keynote topics such as strategies of the Muscat Stock Exchange; Investing in Oman – Finding opportunities and realising potential to be delivered by Ominvest; Oman’s economic reforms by Oman’s Ministry of Finance; Main highlights of Oman’s Vision 2040; Oman Investment Authorities’ privatisation plans; and Capital Market in Oman by CMA , among others.
The CEO said that 4 companies will be listed on the MSX and they will be allocated from the portfolio of the Oman Investment Authority. He also expressed his aspiration to list the first oil and gas company on the MSX, stressing there is an oil and gas company and a real estate fund to be listed on the stock exchange.