The Muscat Stock Exchange (MSX) has reached a major milestone, with its market value surpassing $79 billion (OMR 30.53 billion) — its highest level on record — fueled by a wave of landmark IPOs and far-reaching reforms led by the Oman Investment Authority (OIA).
The exchange also crossed the 5,000-point mark for the first time in nearly eight years, underscoring renewed investor confidence and the success of OIA’s capital market development strategy.
According to OIA, annual trading volumes have surged fivefold, from OMR 645 million ($1.67 billion) in 2021 to more than OMR 3.25 billion ($8.44 billion) in the first ten months of 2025. Over the same period, market capitalization jumped 51 percent, from OMR 20.24 billion ($52.45 billion) in 2020 to OMR 30.53 billion ($79.16 billion).
These achievements reflect OIA’s transformation of MSX into a regional investment hub aligned with Oman Vision 2040, the country’s long-term roadmap for economic diversification and sustainable growth.
Royal Decree and Institutional Reforms Set the Stage
The surge follows Royal Decree No. 5/2021, which restructured the former Muscat Securities Market into a Closed Omani Joint Stock Company fully owned by OIA. This pivotal reform empowered OIA to inject liquidity, oversee IPOs, and implement institutional market-making mechanisms — restoring momentum to Oman’s capital markets.
“Since its inception, OIA aimed to turn MSX into a high-performing, investor-friendly exchange and a key investment enabler for the Omani economy,” said Mulham bin Basheer Al Jarf, OIA’s Chairman for Investments. “We followed a phased plan — from reinforcing trust and liquidity to broadening ownership — all while aligning with Oman Vision 2040’s goal of a diversified and sustainable economy.”
MSX Outperforms Global Benchmarks
According to Aown Abbas Al Bahrani, OIA’s Chief Investment Officer for Public Markets, the MSX has grown 67 percent since 2022, with an average annual rise of 14.6 percent, outperforming major indices such as the S&P 500 and MSCI GCC.
“This growth reflects a clear vision to enhance liquidity, diversify the investor base, and expand listing opportunities,” Al Bahrani said. “It has enabled MSX to deliver returns that surpass regional and international benchmarks, reinforcing its position as a leading investment destination both locally and regionally.”
IPO Boom Reinforces Market Depth
Since 2022, OIA’s IPO programme has transformed the exchange with a series of high-profile listings, attracting both domestic and foreign investors:
- Pearl REIF – Oman’s largest real estate fund, raised OMR 35 million ($90.7 million).
- Abraj Energy Services – listed in March 2023, raised OMR 94 million ($243.6 million), marking the biggest IPO since 2010.
- OQ Gas Networks (OQGN) – launched in October 2023, Oman’s largest-ever IPO, generating OMR 4 billion ($10.37 billion) in demand for a OMR 288 million ($747 million) offering.
- OQ Exploration & Production (OQEP) – listed in October 2024 with OMR 780 million ($2.02 billion) in demand and OMR 961 million ($2.49 billion) in subscription proceeds.
- OQ Business & Industrial (OQBI) – debuted in December 2024, raising OMR 188 million ($487 million).
- ASYAD Shipping – listed in March 2025, raised OMR 128 million ($331.8 million), introducing Oman’s maritime sector to the MSX for the first time.
The IPO wave attracted global anchor investors, including Fluxys Belgium, a Public Investment Fund (PIF) of Saudi Arabia-owned firm, and a Qatar Investment Authority affiliate — reflecting rising international confidence in Oman’s capital markets.
Liquidity Fund Strengthens Market Stability
To sustain growth, OIA launched the Tanmia Liquidity Fund in May 2024 with an initial OMR 50 million ($129.6 million), later expanded to OMR 150 million ($388.8 million) by August 2025.
The fund, a joint initiative between OIA and the Social Protection Fund, is managed by Tanmia, United Securities LLC, and Ubhar Capital. It aims to enhance liquidity, stabilize trading, and reduce market volatility — creating a more resilient investment ecosystem.
Haitham Al Salmi, CEO of the Muscat Stock Exchange, said the reforms had “introduced new institutional mechanisms that improved transparency, pricing quality, and overall market efficiency.”
“Activating the market maker’s role and bringing in liquidity providers stabilized prices and narrowed bid-ask spreads, boosting investor confidence and positioning MSX for sustained growth,” Al Salmi noted.
Collaborative Ecosystem Drives Long-Term Vision
OIA’s success has been reinforced by collaboration with the Financial Services Authority (FSA), Social Protection Fund, Tanmia, United Securities, Ubhar Capital, and local brokerage houses — all working to deepen liquidity and expand investor participation.
Support from Ahli Bank and Estidamah, Oman’s National Program for Fiscal Sustainability and Financial Sector Development, has also been instrumental in enabling listings tied to sustainability and long-term economic value.
MSX Enters a New Phase of Growth
Since its restructuring in 2021, the Muscat Stock Exchange has evolved into one of the region’s most dynamic financial platforms, achieving record trading volumes and doubling market capitalization.
OIA’s leadership in reforming Oman’s capital market underscores the Sultanate’s ability to convert structural challenges into opportunities — empowering citizens as active partners in national asset ownership.
As OIA’s strategy continues to unfold, the MSX stands as a symbol of Oman’s financial resilience, a platform for sustainable development, and a cornerstone of its Vision 2040 transformation.
