Surge in MSX Trading Value to $8.45 Billion: Implications for Investors and Businesses in Oman
Muscat Stock Exchange Sees Remarkable Growth, Driven by Reforms
MUSCAT, NOV 6 — Oman’s Muscat Stock Exchange (MSX) has achieved its best performance in nearly a decade, spurred by initiatives from the Oman Investment Authority (OIA), the sovereign wealth fund managing over $50 billion in assets. Since 2021, trading value has increased fivefold, reaching approximately $8.45 billion, while market capitalization has surged by 51 percent to exceed $79 billion. Notably, the MSX index has recently surpassed the 5,000-point mark for the first time in eight years, highlighting renewed investor confidence and increased market activity.
This growth aligns with Oman’s broader strategy to enhance the capital market and attract regional and international investments, in accordance with Oman Vision 2040. The Muscat Stock Exchange, central to the country’s capital market, has emerged as one of the fastest-growing stock exchanges in the Gulf, particularly following the enactment of Royal Decree No. 5/2021. This decree transformed the Muscat Securities Market into a closed joint-stock company fully owned by the OIA, facilitating new programs aimed at improving liquidity, expanding listings, and modernizing infrastructure.
Mulham bin Basheer Al Jarf, Deputy President for Investments at OIA, stated, "The progress of MSX reflects our vision to create an efficient, investor-friendly exchange that fosters economic growth and attracts high-quality investments. Our phased approach has focused on building trust and liquidity, which will then help broaden ownership and incorporate global best practices."
Since 2022, the MSX has expanded by 67 percent, outpacing key global benchmarks such as the S&P 500 and MSCI indices for GCC, emerging, and Chinese markets. This remarkable performance is the result of OIA’s strategy to enhance liquidity, diversify listings, and broaden the investor base, allowing the exchange to outperform both regional and international competitors.
Integral to this expansion has been OIA’s IPO program. The 2023 listing of Abraj Energy Services raised around $244 million, marking the largest IPO since 2010, while the OQ Gas Networks IPO brought in $749 million, with demand exceeding $10 billion. Notable investors included Fluxys Belgium along with entities backed by Saudi Arabia’s Public Investment Fund and the Qatar Investment Authority, which underscores the growing global confidence in Oman’s market.
The momentum has continued into 2024 and 2025, with significant listings such as OQ Exploration and Production ($2.5 billion), OQ Base Industries ($490 million), and ASYAD Shipping, which raised $333 million—the latter marking the entrance of Oman’s logistics sector into public trading.
To maintain this upward trajectory, OIA launched the Tanmia Liquidity Fund in 2024, starting with $130 million in capital and expanding to $390 million by mid-2025. Managed by Tanmia, United Securities, and Ubhar Capital, the fund is designed to bolster market stability and liquidity.
Haitham Al Salmi, CEO of MSX, commented, "OIA’s strategic vision has reinforced MSX through better governance, transparency, and trading efficiency." With the support of regulators, national programs, and leading banks, Oman’s capital market has developed into a diversified platform marked by record trading volumes and increasing global participation, positioning MSX as a pivotal driver of investment and modernization.
Special Analysis by Omanet | Navigate Oman’s Market
Oman’s Muscat Stock Exchange (MSX) is emerging as a powerhouse, recording its best performance in nearly a decade, thanks to strategic reforms by the Oman Investment Authority (OIA). This presents significant opportunities for businesses seeking to capitalize on a growing base of investor confidence and a revitalized capital market, while also posing risks for those who may be slow to adapt to the market’s evolving dynamics. Investors and entrepreneurs should consider positioning themselves to leverage upcoming IPOs and the enhanced liquidity in the exchange to capitalize on the momentum towards Oman Vision 2040.
