Muscat Stock Exchange Achieves Record Growth, Reaching $8.45 Billion Trading Value

Muscat Stock Exchange Records Unprecedented Growth

The Muscat Stock Exchange (MSX) has achieved a significant milestone, becoming one of the fastest-growing stock exchanges in the Gulf region. Recently, it recorded its highest trading value in nearly a decade, reaching an impressive $8.45 billion. This surge is part of a broader strategy spearheaded by the Oman Investment Authority (OIA), the sovereign wealth fund of Oman, which oversees assets exceeding $50 billion.

A Decade in the Making

The MSX's robust performance has been buoyed by a variety of reforms initiated since 2021. The trading value has grown fivefold from 2021 levels, indicating a dramatic shift in investor interest and market activity. The market capitalization of the MSX has also jumped by 51%, surpassing $79 billion, and the MSX Index recently breached the 5,000-point mark for the first time in eight years, signaling renewed investor confidence.

According to Mulham bin Basheer Al Jarf, Deputy President for Investments at the OIA, the reforms are aligned with the Oman Vision 2040 strategy, which aims to enhance the country's capital markets. This ambitious vision seeks to attract both regional and international investments, showcasing Oman’s growing significance in the global financial landscape.

Transformative Steps

One of the key transformations for the MSX was the Royal Decree No. 5/2021, which transitioned the Muscat Securities Market into a closed joint-stock company entirely owned by the OIA. This pivotal change facilitated the introduction of new liquidity enhancement programs, a rise in listings, and upgrades to market infrastructure.

Since 2022, the exchange has seen its index soar by 67%, outperforming typical global benchmarks like the S&P 500 and MSCI indices for the GCC, emerging, and Chinese markets. The OIA's strategy, which emphasizes bolstering liquidity and diversifying listings, has successfully drawn in a broader investor base while positioning the MSX favorably against its regional and global competitors.

High-Profile Initial Public Offerings

Another factor contributing to the burgeoning growth of the MSX has been the OIA's effective IPO program. Abraj Energy Services' IPO in 2023 garnered approximately $244 million, marking it as the largest IPO since 2010. Following this, the listing of OQ Gas Networks attracted orders exceeding $10 billion, raising $749 million and drawing in investments from notable entities like Fluxys Belgium and institutions backed by the Saudi Public Investment Fund and the Qatar Investment Authority.

In 2024 and 2025, the trend of successful IPOs continued, featuring OQ Exploration and Production's massive $2.5 billion listing and OQ Biodiesel and Industries' offer of $490 million. ASYAD Shipping's debut raised $333 million and represented the entry of Oman’s logistics sector into the public trading landscape—a significant milestone.

Sustaining Growth and Stability

To maintain this growth momentum, the OIA established the Tanmia Liquidity Fund in 2024, initially capitalized at $130 million, which has expanded to $390 million by mid-2025. Managed by Tanmia, United Securities, and Ubhar Capital, this fund is designed to bolster market stability and liquidity.

Haitham Al Salmi, CEO of the MSX, stated that the OIA's strategic vision has fostered advancements in corporate governance, transparency, and trading efficiency. With backing from regulatory authorities, national programs, and leading banks, Oman’s capital market has evolved into a diversified platform with record turnover values and increasing global participation. The MSX is emerging as a crucial driver of investment and modernization in Oman’s economy.

Conclusion

As the Muscat Stock Exchange continues to break new ground, it represents a significant chapter in Oman's financial future, establishing itself as a focal point for economic growth and investment opportunities. With ongoing reforms and strategic initiatives, Oman is poised to solidify its place on the global financial map, attracting greater interest and participation from investors worldwide.