The rally reflects the success of the Oman Investment Authority’s (OIA) capital market reforms and IPO strategy, which have strengthened liquidity, diversified listings and reinforced investor confidence.
According to OIA, annual trading volume has surged fivefold, from OR645m ($1.67bn) in 2021 to more than OR3.25bn ($8.44bn) in the first ten months of 2025.
Meanwhile, market capitalisation has grown by 51 per cent, rising from OR20.24bn ($52.45bn) in 2020 to OR30.53bn ($79.16bn) in October 2025.
This performance reflects OIA’s success in transforming MSX into a regional investment hub aligned with Oman Vision 2040 — a national agenda that positions the capital market as a key driver of sustainable economic growth.
Royal Decree and structural transformation
The surge follows Royal Decree No. 5/2021, which converted the former Muscat Securities Market into a Closed Omani Joint Stock Company wholly owned by OIA.
This pivotal move allowed direct interventions — from liquidity injections and IPO launches to institutional market-making — that unlocked record trading activity and revived investor confidence.
Mulham bin Basheer Al Jarf, Chairman for Investments at OIA, said: “Since its inception, OIA aimed to turn MSX into a high-performing, investor-friendly exchange and a key investment enabler for the Omani economy.
“To achieve this, we adopted a phased plan, starting with reinforcing trust, enhancing liquidity, and broadening ownership, and ending with building a flexible and effective institutional system that applies global best practices and aligns with Oman Vision 2040 goal of a diversified and sustainable economy.”
Market outperforms global indices
Aown Abbas Al Bahrani, Chief Investment Officer – Public Markets at OIA, said MSX had grown 67 per cent since 2022, with an average annual increase of 14.6 per cent, outperforming major global indices including the S&P 500 and MSCI GCC, global, emerging and Chinese markets.
He added that this growth “reflects a clear vision to enhance market liquidity, diversify the investor base, and expand listing opportunities, enabling MSX to deliver returns that surpass regional and international benchmarks and strengthen its position as a leading investment destination both locally and regionally.”
IPO wave powers record listings
Since 2022, OIA’s IPO programme has transformed the market with a string of landmark listings:
- Pearl REIF, Oman’s largest real-estate fund, raised OR35m ($90.7m)
- Abraj Energy Services, listed in March 2023, raised OR94m ($243.6m) — the largest IPO since 2010
- OQ Gas Networks (OQGN) launched in October 2023, marking Oman’s largest-ever IPO with total demand exceeding OR4bn ($10.37bn) against an offering volume of OR288m ($747m)
- OQ Exploration & Production (OQEP) listed in October 2024 with gross demand surpassing OR780m ($2.02bn) and subscription proceeds of OR961m ($2.49bn)
- OQ Business & Industrial (OQBI) debuted in December 2024, raising OR188m ($487m)
- ASYAD Shipping, listed in March 2025, raised OR128m ($331.8m) and introduced Oman’s maritime sector to the MSX for the first time
Each IPO attracted robust investor demand, with OQGN’s offering alone drawing anchor investors such as Fluxys Belgium, a Public Investment Fund of Saudi Arabia-owned firm, and a Qatar Investment Authority-owned firm — signalling rising foreign institutional confidence in Oman’s capital market.
Oman liquidity fund
To sustain momentum, OIA launched the Tanmia Liquidity Fund in May 2024 with an initial OR50m ($129.6m), later doubling to OR100m ($259.2m) in March 2025 and reaching OR150m ($388.8m) by August 2025.
The fund, a joint investment between OIA and the Social Protection Fund, is managed by Tanmia, United Securities LLC, and Ubhar Capital. It aims to enhance trading stability, coordinate institutional investors, and support long-term market depth, reinforcing confidence and reducing volatility.
Haitham Al Salmi, CEO of the Muscat Stock Exchange, said OIA’s reforms had transformed MSX performance, introducing new institutional mechanisms that improved transparency, pricing quality, and market efficiency.
He added that activating the market maker’s role and the participation of liquidity providers had stabilised prices and narrowed bid-ask spreads, “enhancing investor confidence and positioning MSX for sustained growth.”
Al Salmi noted that these efforts have resulted in “rising trading volumes, higher market capitalisation, and a broader base of local and international investors, affirming MSX’s position as a key driver of investment and economic growth in Oman.”
Collaborative ecosystem driving results
OIA’s success was bolstered by coordinated efforts from the Financial Services Authority (FSA), the Social Protection Fund, Tanmia, United Securities, Ubhar Capital, and local brokerage firms, all contributing to deeper liquidity and wider investor participation.
Support from Ahli Bank and the National Program for Fiscal Sustainability and Financial Sector Development (Estidamah) also helped enable listings with clear sustainability and economic value, in line with Oman Vision 2040.
Oman’s capital market enters new growth phase
Since 2021, MSX has evolved into one of the region’s most dynamic financial platforms, with record trading volumes and double market capitalisation.
Oman’s capital market transformation underscores OIA’s role in converting challenges into opportunities and empowering citizens as active partners in national asset ownership.
As OIA’s strategy continues to unfold, the Muscat Stock Exchange stands as a platform of opportunity and a catalyst for development, strengthening its role in driving sustainable economic growth and positioning Oman as a regional investment powerhouse.
