Muscat Stock Exchange Achieves Record Growth with Trading Value Rising to $8.45 Billion

Muscat Stock Exchange Achieves Major Milestone

Oman's Muscat Stock Exchange (MSX) has recently reported significant achievements in its trading performance, marking the strongest results seen in nearly a decade. The surge in activity can largely be attributed to reforms diligently executed by the Oman Investment Authority (OIA), the nation’s sovereign wealth fund which manages assets exceeding $50 billion.

Major Growth in Trading Value

Since 2021, the trading value of the MSX has skyrocketed to approximately $8.45 billion, reflecting a fivefold increase. In addition, market capitalization witnessed an impressive growth of 51%, now exceeding $79 billion. This surge in activity is indicative of a revitalized investor confidence in the marketplace, as evidenced by the index recently surpassing the 5,000-point benchmark for the first time in eight years.

An integral component of this revitalization has been Oman's broader strategic vision to strengthen its capital markets under the framework of Oman Vision 2040. These reforms are designed not only to boost local investment, but also to attract regional and international investors, positioning the MSX as a competitive player within the Gulf region.

Strategic Reforms in Action

The transformation of the MSX began with Royal Decree No. 5/2021, transitioning the Muscat Securities Market into a closed joint-stock company fully owned by OIA. This strategic move has laid the groundwork for a series of innovative programs aimed at enhancing liquidity, increasing the number of listings, and modernizing the market’s infrastructure.

Mulham bin Basheer Al Jarf, the Deputy President for Investments at OIA, emphasized that the progress made by MSX aligns with their objective of creating an efficient and investor-friendly exchange that stimulates economic growth while attracting quality investments. As part of a phased plan, OIA has first focused on instilling trust and improving liquidity, followed by efforts to broaden ownership and integrate globally recognized best practices.

Outperforming Global Market Standards

Since the beginning of 2022, the MSX has shown remarkable growth, outperforming major global benchmarks including the S&P 500 and several MSCI indices pertaining to the Gulf Cooperation Council (GCC), emerging markets, and China. This growth trajectory is attributed to OIA's systematic approach to reinforcing liquidity, diversifying available listings, and expanding the investor base.

One focal point of this expansion has been OIA's IPO program. For example, the listing of Abraj Energy Services in 2023 raised around $244 million, marking the largest IPO since 2010. Furthermore, OQ Gas Networks’ impressive $749 million listing drew in over $10 billion in orders, showcasing global investor confidence, with participants including Fluxys Belgium and entities backed by Saudi Arabia's Public Investment Fund and Qatar Investment Authority.

Continuing its momentum, MSX has also seen successful transactions through 2024 and into 2025, including listings from OQ Exploration and Production, OQ Biodiesel and Industries, and ASYAD Shipping, signifying progressive steps towards integrating Oman's logistics sector into public trading.

Sustaining Future Growth

In a move to maintain this upward trajectory, OIA introduced the Tanmia Liquidity Fund in 2024, initially capitalized at $130 million and subsequently expanded to $390 million by mid-2025. This fund, managed by a partnership of Tanmia, United Securities, and Ubhar Capital, is designed to enhance market stability and liquidity.

Haitham Al Salmi, CEO of MSX, remarked on how OIA’s strategic vision has bolstered the exchange by improving governance, transparency, and trading efficiency. With the support of regulators, national initiatives, and leading banks, Oman’s capital market has developed into a diversified platform, marked by record trading volume and increasing global participation.

As this growth trajectory continues, the MSX is positioned as a pivotal driver of investment and modernization in Oman’s economic landscape.