MUSCAT : The Muscat Stock Exchange’s strategy, launched in 2022, has focused on creating an efficient investment environment that operates in line with the best standards and practices followed in global markets, while offering diverse investment opportunities that support the objectives of Oman Vision 2040.

Haitham bin Salem Al Salmi, CEO of the Muscat Stock Exchange, said the strategy set for the period from 2022 until the end of 2026 has achieved a completion rate of around 96 percent so far, following the completion of all major projects.

He added that work is currently underway to complete a number of products over the coming months, including exchange-traded funds, in addition to announcing the fulfilment of requirements for inclusion in global indices.

Al Salmi confirmed that the exchange has completed all requirements for the FTSE Global Index and is now awaiting assessments by the relevant authorities.

He noted that the Muscat Stock Exchange has also started preparing its strategic plan for the next five years. The new plan will focus on introducing new financial products, developing technology plans, and defining the future structure of the exchange as a group, including its listing as a public shareholding company.

According to Al Salmi, the first strategy has had a clear impact on the market. The market value of listed public shareholding companies has increased from 20 percent of GDP to 38 percent currently, with expectations that it will reach around 40 percent after the listing of OMFIC.

He added that the average daily trading volume has risen sharply from less than RO 2 million to around RO 60 million per day, representing a growth of nearly 30 times since the implementation of the strategy began.

The market has also witnessed significant improvement in sectoral distribution. While the financial sector previously accounted for about 60 percent of the market, market value is now more balanced between the financial and services sectors, with the remaining share distributed between the industrial sector and bonds. This, Al Salmi said, reflects stronger diversification in market value.

He further explained that the number of companies with a market value exceeding RO 100 million has increased from 14 companies previously to more than 29 companies currently. This has provided more shares for trading and enhanced market depth.

Al Salmi stressed that all targets related to improving liquidity and market value have been achieved, adding that the focus in the coming period will be on developing and launching new financial products.

He also revealed that the next phase will witness the offering of the remaining percentage of shares in the maritime transport company affiliated with Asyad Group, after 20 percent of its shares had already been offered.

On initial public offerings, Al Salmi said the Muscat Stock Exchange has succeeded in attracting foreign investors who had not previously traded on the exchange, both from the region and global markets.

He explained that introductory and marketing meetings held outside Oman showed a clear shift in investor interest. Discussions have moved from general inquiries about the exchange’s plans to more specific questions on trading mechanisms and procedures for opening investment accounts, reflecting the growing attractiveness of the Omani market.

Al Salmi added that the exchange is currently going through an upgrade phase. Foreign direct investments have already started entering the market, while investors specialising in portfolio management are waiting for the upgrade process to be completed before beginning their investments.

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