MUSCAT, Oman, Nov. 5, 2025 -- Oman's Muscat Stock Exchange (MSX) has recorded its strongest performance in nearly a decade, driven by reforms led by the Oman Investment Authority (OIA), the nation's sovereign wealth fund managing over USD 50 billion in assets. Trading value has risen fivefold since 2021 to about USD 8.45 billion, while market capitalization has grown by 51 percent to more than USD 79 billion. The MSX index recently surpassed the 5,000-point level for the first time in eight years, signaling renewed investor confidence and deeper market activity.
The surge reflects Oman's wider effort to strengthen its capital market and attract regional and international investment in line with Oman Vision 2040. The Muscat Stock Exchange, the core of Oman's capital market, has become one of the fastest-growing stock exchanges in the Gulf. The transformation began with Royal Decree No. 5/2021, which converted the Muscat Securities Market into a closed joint-stock company wholly owned by OIA. This move enabled new programs to boost liquidity, increase listings, and modernize infrastructure.
"MSX's progress reflects OIA's vision to build an efficient, investor-friendly exchange that supports economic growth and attracts quality investments," said Mulham bin Basheer Al Jarf, Deputy President for Investments at OIA. "Our phased plan focused first on building trust and liquidity, then on broadening ownership and embedding global best practices."
Since 2022, the MSX has grown by 67 percent, outperforming major global benchmarks such as the S&P 500 and MSCI indices for GCC, emerging, and Chinese markets. This growth stems from OIA's strategy to strengthen liquidity, diversify listings, and expand the investor base, enabling the exchange to outperform regional and global peers.
OIA's IPO program has been central to this expansion. The 2023 listing of Abraj Energy Services raised about USD 244 million, the largest IPO since 2010, while OQ Gas Networks' USD 749 million listing attracted more than USD 10 billion in orders. Investors included Fluxys Belgium and entities backed by Saudi Arabia's Public Investment Fund and the Qatar Investment Authority, highlighting global confidence in Oman's market.
Momentum continued through 2024 and 2025 with listings by OQ Exploration and Production (USD 2.5 billion), OQ Biodiesel and Industries (USD 490 million), and ASYAD Shipping, the maritime arm of Asyad Group, which raised USD 333 million and marked the entry of Oman's logistics sector into public trading.
To sustain growth, OIA launched the Tanmia Liquidity Fund in 2024 with USD 130 million in capital, expanding it to USD 390 million by mid-2025. Managed by Tanmia, United Securities, and Ubhar Capital, the fund supports market stability and liquidity.
"OIA's strategic vision has strengthened MSX through improved governance, transparency, and trading efficiency," said Haitham Al Salmi, CEO of MSX. Supported by regulators, national programs, and leading banks, Oman's capital market has grown into a diversified platform with record trading and rising global participation, positioning MSX as a key driver of investment and modernization.
Contact:
OIA Press Office
+968 92278104
media@oia.gov.om
www.oia.gov.om
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