MUSCAT : The Financial Services Authority (FSA) affirmed that the issuance of the Royal Decree establishing a sub-index at Muscat Stock Exchange (MSX), under the name of “Promising Startups Index” today, serves as a clear evidence of the great attention accorded by His Majesty Sultan Haitham bin Tarik and the government for developing the investment and business environment in the Sultanate of Oman, in addition to enhancing the stock market sector.

The FSA explained that the Promising Startups Index aims to attract private firms and family companies, small and medium enterprises (SMEs) and emerging startups whose market value is not less than RO 0.5 million.

This, the FSA added, seeks to achieve two main goals: (1) Enable these startups to benefit from the financing alternatives provided by the capital market (allowing them to thrive and expand; and (2) Empowering these startups to adopt approved standards for governance in a manner that ensures their sustainability in future.

The FSA stressed that this step would enhance the role of the stock market as a major financing tool that contributes to developing an attractive investment environment that supports the national economy in line with Oman Vision 2040.

The presence of these startups in the stock market will prepare them to meet the needs for offering their shares in public listings and adding them on the main stock market in the future after fulfilling the prescribed requirements.

Under this decree, the Financial Services Authority will supervise and audit the tasks of companies listed on the index, besides issuing decisions and regulations for their operations in coordination with the authorities concerned.

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