The Muscat Stock Exchange (MSX) in Oman has achieved its best performance in almost a decade due to the reforms instituted by the Oman Investment Authority (OIA), which is the sovereign wealth fund of the country that manages more than $50 billion in assets.
The value of trading has increased fivefold since 2021 to approximately $8.45 billion, with market capitalization increasing by 51 percent to more than $79 billion.
The MSX index has recently risen to the 5,000-point mark, the first time in eight years, indicating a revival in investor confidence and increased activity in the market.
The surge is part of the broader attempt by Oman to build its own capital market and lure regional and international investments in order to meet Oman Vision 2040.
Muscat Stock Exchange, the core of the Oman capital market, has emerged as one of the fastest-growing stock exchanges in the Gulf.
The change started with the Royal Decree No. 5/2021 that transformed the Muscat Securities Market into a closed joint-stock company completely owned by OIA.
The move allowed the new programs to enhance liquidity and transform infrastructure.
Deputy President for Investments of OIA, Mulham bin Basheer Al Jarf, stated that “MSX’s progress reflects OIA’s vision to build an efficient, investor-friendly exchange that supports economic growth and attracts quality investments. Our phased plan focused first on building trust and liquidity, then on broadening ownership and embedding global best practices.”
The MSX has increased by 67 percent since 2022, surpassing key global benchmarks, including the S&P 500 and MSCI indices for GCC, emerging, and Chinese markets.
This expansion can be traced back to the strategy of OIA to enhance its liquidity, diversification of its listings, and increase the number of investors, which allowed the exchange to perform better than its regional and global counterparts.
This expansion has been led by the IPO programme of OIA, which recorded a listing of Abraj Energy Services in 2023, the largest since 2010, raising USD $244 million, and OQ Gas Networks listed at $749 million, attracting over USD 10 billion in bids.
Investors comprised Fluxys Belgium and others supported by the Saudi Arabia Public Investment Fund and the Qatar Investment Authority, which is indicative of the confidence of investors in the market of Oman.
It was followed by further listings in 2024 and 2025 by OQ Exploration and Production ($2.5 billion), OQ Base Industries ($490 million), and ASYAD Shipping, the maritime division of Asyad Group, which raised $333 million and signified the entry of the Oman logistics industry into public trading.
OIA launched the Tanmia Liquidity Fund in 2024, capitalized with $130 million, to increase to $390 million by the middle of 2025 to maintain growth.
The fund managed by Tanmia, United Securities, and Ubhar Capital helps in ensuring the stability and liquidity of the market.
CEO of MSX, Haitham Al Salmi, said that “OIA’s strategic vision has strengthened MSX through improved governance, transparency, and trading efficiency.”
With the backing of regulators, national programs, and leading banks, the capital market in Oman has evolved to become a diversified platform, with a trading record and increased global participation, making MSX a major investment and modernization driver.
