Thursday, February 22, 2024 | Sha'ban 11, 1445 H
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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Move to strengthen role of Omani bourse in economic growth

KEY STRATEGY: Muscat Stock Exchange agreement signing with Al Ramz Corporation Investment and Development PJSC Ubhar Capital SAOC
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Muscat Stock Exchange (MSX) is teaming up with the UAE based Al Ramz Corporation Investment and Development PJSC and the Oman based Ubhar Capital SAOC (U Capital) to formulate capital markets initiatives in the Sultanate of Oman.


MSX, Al Ramz Corporation and U Capital will devise plans aimed at improving the participation of Oman’s capital markets, propelling economic development in line with Oman Vision 2040. MSX aims to promote public offerings, diversify capital markets solutions, encourage investment and facilitate it to investors in order to accomplish market upgrade and prompt the return of capital markets to the centre stage of economic development in the Sultanate of Oman.


Haitham bin Salim al Salmi, CEO, MSX, commented on this mandate saying, “MSX is keen on strengthening Oman’s national economy and reach a consolidated target which is consistent with Oman Vision 2040. This mandate will help achieve economic objectives, enhance the stock exchange’s strategic plan to expand market depth, promote its role in raising capital and create a benign investing environment that will promote public offerings and induce domestic as well as foreign investment flows.”


Al Salmi added: “Appointing Al Ramz Corporation and U Capital will accomplish a crucial milestone in developing Oman’s capital market as well as facilitate meaningful improvement in values traded on the exchange and amplify pricing metrics for its constituents. The end goal is to achieve a vibrant investing landscape and a platform for incubation opportunities."


Dhafer al Ahbabi, Chairman Al Ramz, said, “We are thrilled to have been awarded the distinguished opportunity to participate in Oman’s pursuit of its Vision 2040. Al Ramz will draw on its extensive capital markets expertise and leverage our industry-leading financial solutions. We place immense importance in this opportunity and look forward to delivering tangible and impactful outcomes.”


Shaikh Abdulaziz bin Khalifa al Saadi, CEO, U Capital, also commented, “We are honoured to be a part of this mandate which aims to develop our capital market in line with Oman Vision 2040. The MSX initiative is set to mobilise public and private sectors in the pursuit of Oman’s economic development. U Capital is fully committed to this opportunity to make tangible contributions to our capital markets, by utilising its existing talent pool and experience through market cycles.”


MSX plans to promote confidence in capital markets by raising the level of governance and transparency in financial markets and enhancing data availability. It also plans to develop the regulatory environment to ensure investors' protection and enhance overall attractiveness and competitiveness.


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