MUSCAT: Muscat Securities Market will now be known as Muscat Stock Exchange (MSX) based on Royal Decree 5/2021, and will join the trading session for the first time on Sunday, April 11.

Abdullah Salim Al Salmi, Executive President of Capital Market Authority (CMA) called it as a “historic day” for the market.

The Muscat Stock Exchange will join the trading session for the first time on Sunday, a significant milestone in the capital market sector of the Sultanate. “April 10 will be recorded in the history of the capital market sector as the decision of the Royal Decree No 5/2021 to transfer the Muscat Securities Market to a company named Muscat Stock Exchange (owned by Oman Investment Authority) comes into effect,” Al Salmi said.

“It is a step that represents a paradigm shift that leads to a new stage, according to the framework of the methodological development that the Sultanate pursues in developing the capital market sector and advancing its institutions,” he added.

On January 6, His Majesty Sultan Haitham Bin Tarik issued a Royal Decree transforming Muscat Securities Market (MSM) into a closed Omani joint stock company in the name of Muscat Stock Exchange Company SAOC.

Last week, OIA announced the formation of Board of Directors of Muscat Stock Exchange.

Mohammed bin Mahfoodh Al Ardhi, Chairman of the Board of Directors of the Muscat Stock Exchange, said the new entity will work under the umbrella of the Omani Investment Authority as one of its companies, and this in turn will push the work process according to a commercial method aimed at raising the efficiency of operations in the Stock Exchange and applying the principles of governance.