Muscat Stock Exchange Achieves Record Trading Value, Quintupping to $8.45 Billion

Muscat Stock Exchange's Exceptional Growth

The Muscat Stock Exchange (MSX) in Oman has marked a remarkable milestone by quintuping its trading value to approximately $8.45 billion. This surge, recorded in November 2025, represents the best performance for the exchange in nearly a decade and is attributed to strategic reforms spearheaded by the Oman Investment Authority (OIA). The OIA, the country's sovereign fund managing over $50 billion in assets, has played a crucial role in revitalizing the capital market and attracting domestic as well as international investments.

The trading volume on the MSX has increased fivefold since 2021, accompanied by a 51% rise in market capitalization, which now exceeds $79 billion. In an impressive display of market confidence, the MSX index recently crossed the 5,000-point threshold, a level not witnessed in eight years, highlighting the increased investor confidence and market activity.

Strategic Reforms Paving the Way

These impressive gains reflect Oman’s commitment to enhancing its capital market infrastructure and improving investor engagement as outlined in Oman’s Vision 2040. The transformation of MSX started with Royal Decree No. 5/2021, which converted it into a closed joint-stock company entirely owned by the OIA. This pivotal step facilitated the implementation of new programs aimed at boosting liquidity, increasing the number of listings, and modernizing the trading infrastructure.

According to Mulham bin Basheer Al Jarf, the Deputy Chairman for Investments at OIA, the progress of MSX signifies their vision to build an efficient and investor-friendly trading platform that fosters economic growth and attracts high-quality investments. The initial focus was on instilling investor confidence and promoting liquidity, followed by expanding share ownership and integrating best global practices.

Rising Above Global Benchmarks

Since 2022, the MSX has gained an astounding 67%, outperforming critical global indices such as the S&P 500 and other benchmark indices in emerging markets, including those in the Gulf Cooperation Council (GCC) and China. This stellar growth results from OIA's strategic approach to amplify market liquidity, diversify listings, and broaden the investor base, enabling the MSX to excel compared to its regional and global counterparts.

The OIA's IPO program has been integral to this growth, with significant listings such as Abraj Energy Services in 2023 raising approximately $244 million, the largest IPO since 2010. Another notable listing was OQ Gas Networks, valued at $749 million, drawing over $10 billion in orders from investors, including Fluxys Belgium and entities supported by the Saudi Public Investment Fund and Qatar Investment Authority, reinforcing global confidence in Oman’s market.

The momentum continued into 2024 and 2025 with additional listings such as OQ Exploration and Production, which raised $2.5 billion; OQ Biodiesel and Industries, securing $490 million; and ASYAD Shipping, which raised $333 million as a pivotal entry point for Oman’s logistics sector into public trading.

Supporting Future Growth

To bolster this growth trajectory, the OIA launched the Tanmia liquidity fund in 2024, starting with a capital of $130 million, projected to increase to $390 million by mid-2025. Managed by Tanmia, United Securities, and Ubhar Capital, this fund aims to support stability and liquidity in the market, reinforcing the fundamentals of MSX.

Haitham Al Salmi, CEO of MSX, noted that the strategic vision of OIA has strengthened MSX by enhancing governance, transparency, and operational efficiency in trading. Supported by regulators, national programs, and key banks, Oman’s capital market has transformed into a diversified platform showcasing record trades and increasing global participation, positioning MSX as a vital engine for investment and modernization in the region.