Muscat: The Board of Directors of the Muscat Stock Exchange (MSX) held its first meeting this year on Monday.
“The board, since its appointment in April of last year, had a great responsibility that required working with all relevant parties to overcome obstacles and transform challenges into opportunities that would enhance the position of the stock exchange on the investment map and meet aspirations and ambitions and achieve the desired goals,” Mohammed bin Mahfoudh Al Ardhi, Chairman of the Board of Directors of MSX, said.
Al-Ardhi further stated that the strategy of Monday’s meeting focused on the development of the national economy, the attractiveness of the stock exchange, financial technology, the commercial performance of the stock exchange, and the development of the MSX infrastructure and internal affairs.
The Chairman of the Board of Directors indicated that these pillars launched a set of goals and initiatives to proceed with their achievement during the next five years according to a work plan and timetable with clear performance indicators to assess the extent of their success.
He added that one of the most important goals that we hope to achieve soon is to upgrade the stock exchange from a frontier stock market to emerging market status, according to the approved rating agencies.
“To achieve this, work will be done to raise the liquidity of the listed shares, raise market values, and focus on facilitating the entry of foreign investments and activating some trading features such as short selling, lending and borrowing of securities and other initiatives that enable the stock exchange to promote it in global indices,” he added.
Al-Ardhi stated that there is an agreement with the Oman Investment Authority (OIA) to list a number of government companies during this year, which will support the levels of liquidity, increase the depth of the stock exchange and its investment attractiveness, in addition to initiatives related to infrastructure development and the inclusion of new investment tools and others related to the technological aspect and projects to improve performance in all aspects in preparation and to transform the stock exchange into a public joint stock company.
Al-Ardhi praised the efforts of the Board of Directors, the executive management and the employees of the stock exchange that were made during the last period.
Stressing that the stock exchange possesses all the ingredients for success and that all parties must join hands to achieve the goals that were set within the strategic plan, which came In line with Oman’s 2040 vision, and for the stock exchange, on its part, to contribute to building a diversified economic system with integrated roles, taking advantage of the competitive advantages of the Sultanate to achieve comprehensive and sustainable development.