MSX Market Capitalization Soars 51% to RO 30.53 Billion: Implications for Investors and Businesses in Oman
Muscat: In a bid to rejuvenate the Muscat Stock Exchange (MSX) and enhance Oman’s capital market, the Oman Investment Authority (OIA) has rolled out a comprehensive suite of initiatives aimed at increasing listings, boosting liquidity, and improving market infrastructure.
For the first time in nearly eight years, the MSX index has surpassed the 5,000-point mark, demonstrating a significant achievement as annual trading volume surged fivefold from RO 645 million in 2021 to over RO 3.25 billion in the first ten months of 2025. Furthermore, market capitalisation has risen by 51%, climbing from RO 20.24 billion in 2020 to RO 30.53 billion by October 2025. This remarkable growth underscores the effectiveness of OIA’s strategies in establishing the MSX as a regional financial and investment hub aligned with the goals of Oman Vision 2040.
This impressive progress follows the enactment of Royal Decree No 5/2021, which transformed the Muscat Stock Exchange into a Closed Omani Joint Stock Company, fully owned by OIA. This transition paved the way for targeted actions, including liquidity injections, the launch of initial public offerings (IPOs), and the establishment of institutional liquidity platforms. These positive interventions have resulted in unprecedented trading volumes and enhanced market capitalisation, reflecting OIA’s commitment to bolster MSX’s position and instil investor confidence.
Mulham bin Basheer al Jarf, Deputy President for Investments at OIA, remarked that the transformation of the Muscat Stock Exchange demonstrates OIA’s vision to create an efficient and appealing capital market that drives economic growth and attracts high-quality investments. Al Jarf stated, "From the outset, OIA has aimed to position MSX as a high-performing, investor-friendly exchange that acts as a key enabler for the Omani economy. Our phased approach focuses on building trust, improving liquidity, and broadening ownership, culminating in a robust institutional framework that aligns with Oman Vision 2040’s goals for a diversified and sustainable economy."
Aown Abbas al Bahrani, Chief Investment Officer for Public Markets at OIA, noted, "The Muscat Stock Exchange exemplifies the noteworthy results of strategic planning. Since 2022, the exchange has experienced 67% growth, averaging an annual increase of 14.6%, outpacing major global indices like the S&P 500 and MSCI indices for GCC, global, emerging, and Chinese markets. This success illustrates a clear vision for enhancing market liquidity, diversifying the investor base, and expanding listing opportunities, thereby positioning MSX as a leading investment destination."
Since 2022, the OIA has introduced an ambitious IPO Programme that has been instrumental in MSX’s transformation. This initiative commenced with the listing of the Pearl REIF, Oman’s largest real estate fund, which raised over RO 35 million and aims to invest in a diversified real estate portfolio, providing regular returns to investors. In March 2023, Abraj Energy Services, Oman’s largest drilling and oilfield services company, was listed on MSX, raising approximately RO 94 million, marking the largest IPO in the market since 2010. From its debut, Abraj shares accounted for nearly 90% of total market turnover, significantly boosting liquidity and reigniting trading activity.
In October 2023, OQGN was introduced to MSX, setting a record for the largest initial public offering in Oman at that time, with total demand exceeding RO 4 billion against an offering volume of RO 288 million. As the sole operator of Oman’s natural gas transmission network, OQGN plays a critical role in supplying natural gas to industrial sectors and power plants. Its IPO attracted prominent regional and international institutional investors, reflecting robust foreign interest and confidence in the Omani market.
The upward trend continued with the listing of OQEP, OQ’s upstream oil and gas exploration and production arm, in October 2024. The IPO attracted over RO 780 million in demand, highlighting strong local and international investor confidence. The subscription proceeds for 2024 reached RO 961 million, marking the first entry of the oil exploration and production sector into MSX, which increased the company’s market capitalisation to over RO 3 billion at the time of listing.
Haitham al Salmi, Chief Executive Officer of MSX, noted, "OIA’s strategic vision has been crucial to transforming MSX’s performance through a well-structured listing programme and initiatives that enhanced market liquidity and investor confidence. MSX has successfully translated these directions into actionable steps, including regulatory improvements, increased transparency, and enhanced trading efficiency."
In December 2024, OQBI, responsible for petrochemical and refining in the OQ Group, further diversified the market with a listing that raised approximately RO 188 million. In March 2025, OIA also announced the listing of ASYAD Shipping, raising RO 128 million and marking the entry of the maritime and logistics sector into MSX, pivotal to Oman Vision 2040’s growth strategy.
To support this momentum, OIA launched the Tanmia Liquidity Fund in May 2024, initially valued at RO 50 million, which has since increased to RO 150 million. Managed by leading Omani financial institutions, the fund aims to enhance market stability and foster a sustainable trading environment.
The impressive growth of MSX results from collaborative efforts among key market stakeholders and the Financial Services Authority’s regulatory support. Local and institutional investors have contributed to the market’s depth and liquidity, while initiatives like the National Programme for Fiscal Sustainability and Financial Sector Development have bolstered the market’s diversity.
Since 2021, the MSX has undergone significant transformation, reinforcing its status among the region’s most successful markets. Oman is now experiencing unprecedented liquidity and listings, evolving into a dynamic financial platform attracting both local and international investments. This progress is a testament to OIA’s commitment to turning challenges into opportunities, empowering Omani citizens to actively participate in national asset ownership, and fulfilling Oman Vision 2040’s objectives to position the capital market as a key driver of sustainable economic growth.
As MSX continues its developmental journey, it is set to be a platform for opportunities and a catalyst for economic impact, signaling the beginning of an exciting new chapter propelled by strengthened ambitions and growing confidence in its capabilities within the national economy.
Special Analysis by Omanet | Navigate Oman’s Market
The recent surge in the Muscat Stock Exchange (MSX), with its market capitalisation soaring by 51% and trading volumes expanding fivefold, signals a transformative opportunity for businesses in Oman to access a robust capital market. This revitalised environment not only invites foreign investment but also presents risks, as heightened competition among businesses for attracting investor confidence intensifies. Smart investors should consider diversifying portfolios to capitalize on emerging sectors, particularly in real estate and energy, which are gaining traction in this bullish market.
