#Oman Investment Authority #Oman #Muscat #Muscat Stock Exchange #OIA

Oman's Muscat Stock Exchange Sees a Record Surge

In a remarkable turnaround for the financial landscape in Oman, the Muscat Stock Exchange (MSX) has registered its strongest performance in nearly ten years. The trading volume has quintupled to an impressive $8.45 billion, marking a significant victory for local investors and the Omani economy as a whole.

The surge in trading activity is primarily driven by reforms initiated by the Oman Investment Authority (OIA), which oversees a sovereign wealth fund managing over $50 billion in assets. This outcome resonates with the national vision for economic diversification and building investor confidence, as articulated in Oman’s Vision 2040 strategy.

Catalysts for Change

The trading volume growth, which has ballooned since 2021, has coincided with essential structural changes within the MSX. The major shift began with Royal Decree No. 5/2021, which transformed the MSX into a closed joint-stock company owned exclusively by the OIA. This strategic move has allowed for the implementation of innovative programs aimed at improving liquidity, increasing listings, and modernizing market infrastructure.

Mulham bin Basheer Al Jarf, the Vice President of Investments for the OIA, emphasized the organization's commitment to fostering an efficient stock exchange that attracts quality investments. “Our phased plan focused on generating trust and liquidity, followed by broadening shareholding and integrating best international practices,” he stated.

Impressive Growth Metrics

Since 2022, the MSX has achieved a 67% growth rate, outpacing global indices such as the S&P 500 and various emerging market indices, showcasing the exchange's competitive edge on a global stage. Encouragingly, under the leadership of the OIA, the Muscat Stock Exchange has effectively diversified its investor base, which has significantly elevated trading activities.

An important aspect of this growth has been the OIA's IPO program, which has been instrumental in bringing large-scale public offerings to the Omani market. The IPO of Abraj Energy Services raised around $244 million, marking the largest public offering since 2010. Not only that, but the OQ Gas Networks’ public offering attracted massive interest, drawing over $10 billion in applications.

Investors from established entities such as Fluxys Belgium and investment firms backed by Saudi Arabia's Public Investment Fund and Qatar's Investment Authority have also demonstrated burgeoning global confidence in Oman's market.

Sustaining Momentum

Continuing the momentum, 2024 and 2025 saw several additional IPOs, including OQ Exploration and Production, which raised $2.5 billion, and ASYAD Shipping, which attracted $333 million, signaling a strong entry into the logistics sector by the Omani market.

In efforts to maintain this growth trajectory, the OIA launched the Tanmia Liquidity Fund in 2024, initially with $130 million and subsequently expanded to $390 million by mid-2025. This fund is collaboratively managed by Tanmia, United Securities, and Ubhar Capital, with its aim focused on boosting market liquidity and stability.

Haitham Al Salmi, the CEO of the MSX, remarked on the OIA’s strategic vision, emphasizing enhancements in governance, transparency, and operational efficiency. With robust support from regulators, national programs, and leading banks, Oman’s capital market is positioning itself as a dynamic platform, currently experiencing record trading volumes and an ever-expanding global investment interest.

The growth of the MSX is not merely a reflection of improved market conditions; it signifies Oman’s broader ambitions to modernize its economy and enhance its appeal as a destination for international investors. As the exchange continues to flourish, it serves as a vital engine for investment and economic vitality within the region.