Muscat: The Muscat Stock Exchange will join the trading session for the first time on Sunday, a significant milestone in the capital market sector of the Sultanate.
The 90-day period as per the Royal Decree 5/2021 to convert the Muscat Securities Market into a closed Omani joint-stock company under the name 'Muscat Stock Exchange Company” ends today (Saturday).
The Executive President of the Capital Market Authority. Abdullah Salim al Salmi, said, "April 10 will be recorded in the history of the capital market sector as the decision of the Royal Decree No 5/2021 to transfer the Muscat Securities Market to a company named Muscat Stock Exchange (owned by Oman Investment Authority) comes into effect."
Al Salmi said, "It is a step that represents a paradigm shift that leads to a new stage, according to the framework of the methodological development that the Sultanate pursues in developing the capital market sector and advancing its institutions."
Oman Investment Authority (OIA) announced on Thursday the formation of the Board of Directors of the Muscat Stock Exchange.
This step has been taken based on article seven of the Royal Decree No. 5/2021 to transform Muscat Securities Market into a closed joint-stock company in the name of Muscat Stock Exchange Company SAOC.
Abdulsalam bin Mohammed bin Abdullah Al Murshidi, Head of OIA, met with the board of directors, where he pointed out the importance of stock exchanges.
During the meeting, Al Murshidi stressed that the performance of these stocks is one of the most accurate indicators that reflects the health of economies globally.
His Excellency confirmed the OIA’s full support to the board of directors on its next mission to achieve sustainable growth for the Muscat Stock Exchange.
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