Oman's Muscat Stock Exchange Posts Record Trading Value, Surging to $8.45 Billion

Oman's Muscat Stock Exchange Achieves Remarkable Growth

Oman's Muscat Stock Exchange (MSX) is in the spotlight as it announces its strongest market performance in nearly a decade, marking a turning point for the nation's financial landscape. Underpinned by recent reforms initiated by the Oman Investment Authority (OIA), which manages over $50 billion in assets, the exchange has seen its trading value escalate fivefold since 2021, reaching an impressive $8.45 billion.

This surge has not only boosted trading activity but also catalyzed an increase in market capitalization, which has climbed by 51% to ascend above $79 billion. In a significant achievement, the MSX index recently surpassed the 5,000-point threshold for the first time in eight years, showcasing heightened investor confidence and robust market engagement.

The growth trajectory of the MSX is a vital part of Oman's broader initiative to enhance its capital market and attract diverse investments, aligning with the strategic aspirations outlined in Oman Vision 2040. As the leading platform for capital transactions in Oman, the Muscat Stock Exchange has emerged as one of the fastest-growing equity markets in the Gulf region. This transformation is largely credited to the Royal Decree No. 5/2021, which restructured the Muscat Securities Market into a closed joint-stock company wholly owned by OIA. This pivotal reform has laid the groundwork for new initiatives aimed at augmenting liquidity, diversifying listings, and modernizing operational infrastructure.

As stated by Mulham bin Basheer Al Jarf, the Deputy President for Investments at OIA, "MSX's progress reflects OIA's vision to build an efficient, investor-friendly exchange that supports economic growth and attracts quality investments." He also noted that the phased approach has concentrated on establishing trust and liquidity, broadening ownership, and incorporating global best practices into the exchange's operations.

Since the beginning of 2022, the performance of the MSX has been remarkable, registering a 67% growth rate that has outpaced several major global indices, including the S&P 500 and MSCI's benchmarks for Gulf Cooperation Council (GCC), emerging, and Chinese markets. OIA’s strategic efforts to enhance liquidity, diversify the range of listed businesses, and broaden the investor demographic have positioned the exchange favorably in the regional and global investment landscape.

A cornerstone of the MSX's expanding reach is OIA's proactive IPO program, which has played an instrumental role in its recent growth. The successful listing of Abraj Energy Services in 2023 raised around $244 million, marking it as the largest IPO since 2010. Similarly, OQ Gas Networks secured approximately $749 million in its offering, attracting over $10 billion in demand. Notable internationally recognized investors participated, including Fluxys Belgium and entities linked to the Saudi Arabia Public Investment Fund and Qatar Investment Authority, which speaks volumes about the global confidence in Oman’s market.

The positive momentum has continued through 2024 and into 2025, highlighted by listings from OQ Exploration and Production, which raised $2.5 billion, OQ Biodiesel and Industries, securing $490 million, and ASYAD Shipping raising $333 million, indicating the successful integration of Oman's logistics sector in public trading.

To ensure sustained growth, OIA introduced the Tanmia Liquidity Fund in 2024 with initial capital of $130 million, which was expanded to $390 million by mid-2025. This fund, co-managed by Tanmia, United Securities, and Ubhar Capital, aims to reinforce market stability and liquidity, facilitating investor participation.

Haitham Al Salmi, CEO of MSX, emphasized the importance of these developments, stating that “OIA's strategic vision has strengthened MSX through improved governance, transparency, and trading efficiency.” The exchange now increasingly represents a diverse investment platform characterized by record trading volumes and an influx of global participants, firmly positioning MSX as a key contributor to Oman's investment landscape and modernization efforts.