MUSCAT, APRIL 11 - Oman’s sole stock exchange transacted business in its new avatar as Muscat Stock Exchange (MSX) on Sunday – a milestone celebrated by top officials of the Capital Market Authority (CMA) led by Abdullah bin Salem al Salmi, Executive President.
The inauguration of MSX under its new brand follows the completion of its transformation from the Muscat Securities Market to Muscat Stock Exchange, and its conversion into a closed joint-stock company wholly owned by Oman Investment Authority (OIA) as decreed by Royal Decree 5/2021.
Speaking at the inauguration, Al Salmi described the revamped stock exchange as a qualitative shift for the capital market and the wider national economy. With its establishment and operationalisation, Oman’s stock exchange is now broadly in alignment with those of bourses around the globe, he noted.
In a statement to ONA, the Executive President voiced hope that the reinvigorated stock exchange would play an energetic role in financing the development of economic projects in Oman.
He noted, in particular, the possibility that affiliates of OIA, the integrated sovereign wealth fund of Oman, would consider listing on the bourse, thus boosting liquidity and trading activity that will attract local and overseas investors.
For its part, the CMA will continue to regulate the bourse and the capital market. One of its first tasks is to issue a license to MSX to operate in the Sultanate, he said, adding that he looking forward to new IPOs and the development of the secondary market in the wake of these developments.
Dr Hatem bin Bakhit al Shanfari, member of the Board of Directors of the new bourse, said the creation of MSX in its new form would open up new opportunities for listings, besides fuelling new investment activity and driving new levels of efficiency in the securities market.
In particular, the role of OIA – the biggest investment institution in the Sultanate – as the parent organisation bodes well for the growth of the capital market, attracting new investment inflows, and supporting economic diversification in generation.
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