Muscat Stock Exchange launched

Business Sunday 11/April/2021 18:41 PM
Muscat Stock Exchange launched
Photo: ONA

Muscat: A ceremony was held to mark the launch of Muscat Stock Exchange (MSX), a closed joint stock company reporting to Oman Investment Authority (OIA) as stated in Royal Decree No. 5/2021 promulgating the bourse.

The ceremony was held under the auspices of Abdullah Salim Al-Salmi, CEO of the Capital Market Authority (CMA).

The establishment of the MSX constitutes a quantum leap in the Sultanate’s securities market, ushers in a new stage in the money market and opens inroads for the national economy.

In a statement to Oman News Agency (ONA), al-Salmi said that he looks forward to seeing MSX undertaking its deserved role in financing economic development projects in the Sultanate. He expressed the hope that Oman Investment Authority, which owns government firms, will float some companies for public subscription and list them on MSX to provide liquidity and products meeting the expectations of investors from the Sultanate and abroad.

Speaking about the roles of CMA, al-Salmi pointed out that it undertakes the monitoring and legislative roles. The CMA issued the license for MSX and will oversee its operations, he added.

Meanwhile, Dr Hatim Bakhit Al-Shanfari, staff member of the College of Economy and Political Sciences at Sultan Qaboos University, board member of MSX, said the launch of the stock exchange in its new outlook will boost the securities market and diversify the economic stimulation programme.

Al-Shanfari told ONA that Oman Investment Authority, the largest investment arena in the Sultanate, boasts a large variety of government-owned companies and a clear-cut vision for listing some companies that are ready to assist in providing new investment instruments for the bourse. The OIA deals with a network of global institutions, which plays a great role in attracting investments and building confidence.