First Omani Industrial City Listed on MSX’s Third Market: What This Means for Investors and Business Growth in Oman
MUSCAT: Al Rusayl Industrial City, the first industrial cluster established in Oman, has been officially listed on the Third Market of the Muscat Stock Exchange (MSX). This move by Madayn, the state-owned authority managing Oman’s industrial cities, represents a strategic effort to utilize capital market platforms to expand investor participation and unlock value from key infrastructure assets.
The MSX recently approved the listing of Al Rusayl Industrial City Co SAOC, which has a share capital of RO 500,000 divided into 500,000 shares. This follows a prior decision by the Ministry of Commerce, Industry and Investment Promotion to change the industrial city’s legal status from a limited liability company to a closed joint-stock company.
Founded in 1983, Al Rusayl Industrial City has attracted cumulative industrial investments exceeding RO 900 million by mid-2025. Covering around 11 million square meters, it stands as one of Oman’s longest-established industrial hubs. The city has been instrumental in supporting Oman’s non-oil economy, hosting hundreds of projects across sectors such as chemicals, building materials, and logistics.
Market analysts highlight that listing Al Rusayl Industrial City Co SAOC on the stock exchange allows both institutional and retail investors to financially engage with the industrial estate’s performance and long-term development, aligning private capital with the nation’s economic goals.
The listing also underscores the potential to treat industrial infrastructure as an investible asset class rather than solely a government-managed resource. This approach fosters a stronger connection between capital markets and real-economy assets, encouraging financial innovation in support of Oman’s broader development priorities.
The MSX’s Third Market, alongside the Regular and Parallel markets, provides a regulated trading platform for equities that do not meet the full listing criteria of higher tiers, typically due to factors like size or operating history, while still ensuring regulatory oversight and investor protection. This segment is crucial for broadening market participation and deepening Oman’s capital markets.
Madayn, officially known as the Public Establishment for Industrial Estates, manages over 10 industrial cities across Oman, including Al Rusayl, Suhar, Sur, Nizwa, Samayil, Raysut (Salalah), Al Mazunah, and Knowledge Oasis Muscat (KOM). The authority is also developing several additional industrial clusters nationwide.
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The listing of Al Rusayl Industrial City on the MSX Third Market signals a transformative shift by integrating industrial infrastructure into capital markets, creating new investment opportunities for both institutional and retail investors in Oman’s non-oil economy. This move positions industrial assets as attractive, investible vehicles, encouraging private capital inflows that align with national diversification goals. Smart investors should now consider industrial city equities as a strategic entry point into Oman’s broader economic development and industrial expansion.
