Monday 03 / November / 2025
Muscat: HH Sayyid Bilarab bin Haitham Al Said on Monday presided over the launch of the Alternative Investment Market (AIM) at the Muscat Stock Exchange (MSX).
This initiative is part of an integrated partnership with the National Programme for Financial Sustainability and Financial Sector Development (Estidamah), along with several government entities including the Ministry of Commerce, Industry and Investment Promotion, the Financial Services Authority, the Small and Medium Enterprises Development Authority, and Muscat Clearing and Depository.
The market aims to open new financing and investment opportunities to support private sector companies, including family-owned small, and medium enterprises with growth and expansion plans.
The launch of the Alternative Investment Market comes in line with the Royal directives of His Majesty Sultan Haitham bin Tarik in May 2024 regarding the implementation of the Capital Market Incentive Programme. This programme aims to empower the private sector and enhance its competitiveness by providing a package of incentives to encourage companies to list in the capital market, aligning with the approaches of Oman Vision 2040 towards building a productive, diversified and sustainable economy. The Capital Market Incentive Programme includes three main tracks. The first focuses on incentivising large companies to transform into public joint-stock companies and list on the main market.
The AIM represents the second track of the programme, serving as an innovative financing and investment platform targeting small and medium enterprises (SMEs). It simplifies listing requirements and offers tax, marketing, and operational incentives, contributing to the growth and sustainability of these companies, enhancing their transparency and governance, and building confidence with investors.
During the current phase, Bawareq Nizwa International Investment Company will be listed on the AIM through direct listing. Three other companies are working towards indirect listing by offering their shares to qualified investors, namely Nafath for Renewable Energy, Mays for Cars, and the Omani Company for Insecticides and Air Fresheners. The third track involves encouraging companies to convert into closed joint-stock companies as a preliminary step towards potential future public listing on the capital markets.
In this context, several limited liability companies have transitioned to closed joint-stock companies, including two family-owned businesses, Saud Bahwan Holding and Al Rawas Holding, alongside startups in technology and industry such as Ibn Firnas Drone Centre and Computer Stationery Industry Company. This step reflects the expansion of involving various sectors within the economic development and stimulation framework.
The Capital Market Incentive Programme spans five years, starting from the effective implementation date of each of the three tracks, allowing for gradual and balanced execution of initiatives and ensuring the achievement of the set goals in market development and enhancing its investment attractiveness.
Mahmood bin Abdullah Al Aweini, Secretary-General of the Ministry of Finance and Supervisor of Estidamah, noted that Estidamah oversees supporting government efforts in several strategic pillars for financial sector development, including activating the role of the capital market and enhancing the MSX’s attractiveness to local and foreign investments.
The AIM is expected to contribute to achieving its outlined goals with the participation of relevant government entities by providing an innovative financing platform for SMEs and enhancing corporate governance and transparency.
Commenting on the launch, Abdullah bin Salim Al Salmi, Executive President of the Financial Services Authority (FSA), affirmed that the launch of the AIM builds upon the Royal directive for the Capital Market Incentive Programme, embodying the government’s commitment under the leadership of His Majesty Sultan Haitham bin Tarik to developing the business environment and preparing an investment climate capable of supporting the growth and sustainability of private sector institutions.
He stated that the inauguration of the AIM represents a qualitative leap in the journey of the capital market in the Sultanate of Oman, preparing national companies for a gradual transformation into public joint-stock companies listed on the main market after meeting the necessary requirements. The new market, he said, will contribute to diversifying funding sources, enhancing governance practices and corporate sustainability, and developing the capital market to be more attractive to local and foreign investments.
Meanwhile, Haitham bin Salim Al Salmi, CEO of MSX, emphasised that the launch of the AIM is within the MSX’s commitment to supporting company growth and enabling them to enhance their competitiveness. He pointed out that this designation reflects confidence in the potential of scale-ups and their ability to evolve, grow and prosper.
He added that listing companies on this market aims to provide diverse financing options by increasing capital and attracting investors, contributing to future business expansion and sustainability, alongside providing liquidity for investors and facilitating divestment processes through offering, listing and trading.
In turn, Mohammed bin Said Al Abri, CEO of Muscat Clearing and Depository, explained that the launch of the AIM comes to achieve the goals of Oman Vision 2040 and is an important step in the development path of Oman’s capital market, as it provides new opportunities for entrepreneurs and start-ups to grow and attract investments.
He stated that Muscat Clearing and Depository has worked on updating the central depository system and enhancing the readiness of technical systems to accommodate the requirements of the new market, ensuring operational efficiency, service reliability, and smooth processes for company listing, investor registration, clearing, and settlement.
The launch of the AIM represents a strategic step towards developing the capital market ecosystem in the Sultanate of Oman and expanding the financing options available to the private sector. This enhances its contribution to economic growth and solidifies Oman’s position as a promising investment destination based on the foundations of transparency and financial sustainability.
