SGRF to take over Muscat Securities market, listing later

MUSCAT: The board of directors of Capital Markets Authority on Saturday decided to convert Muscat Securities Market to a company fully owned by the State General Reserve Fund. MSM will be listed and offered for public subscription in the future. The decision was taken in its third meeting this year under the chairmanship of Yahya bin Said al Jabri, Chairman of the Special Economic Zone Authority of Duqm and Chairman of the CMA board of directors. The board also discussed topics related to developing the capital market and insurance sectors. It approved rules for the setting up of an insurance fund for compensating the injured of accidents caused by unknown people. It also approved the regulations for real estate investments trusts (reits) to keep pace with the developments of the products which meet investors’ needs. The board has directed the executive administration to finalise the studies and the legal frameworks for health insurance cover.

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