Economy & Finance
Oman’s Quiet Financial Revolution: How Muscat’s Market Found Its Voice
Behind the Numbers: A Clear Vision
At the heart of this transformation is the Oman Investment Authority (OIA). When Royal Decree (5/2021) placed MSX under the Authority’s ownership, it wasn’t just an administrative move—it was a reset. The OIA moved quickly on three priorities: bring new companies to market, boost liquidity and participation, and build a stronger, more transparent financial system. By October 2025, total market value had risen 51%—from 20.24 billion to 30.53 billion rials—and global investors were paying attention.
IPOs that Changed the Game
Bold public listings opened new chapters for Oman’s economy: Pearl REIT (2022) set the tone with 35 million rials; Abraj Energy Services (2023) raised 94 million—Oman’s largest IPO in over a decade; OQ Gas Networks (2023) drew subscriptions above 4 billion rials; OQ Exploration & Production (2024) went bigger still at 780 million—the largest listing in Omani history; then OQ Chemicals and Asyad Shipping widened the map into petrochemicals, maritime and logistics. Together, these offerings turned MSX into a living snapshot of a more diversified national economy.
People Behind the Progress
“From the beginning, we wanted to make the exchange a platform of confidence—a place where investors see Oman’s future taking shape.”
— Mulhem Al Jarf, OIA
“Since 2022, MSX has outperformed global benchmarks like the S&P 500 and MSCI indices. That doesn’t happen by chance—it comes from clarity, consistency and trust.”
— Aoun Al Bahrani, OIA
“Market-making reforms stabilized prices and improved trading efficiency, making the market more attractive and more resilient.”
— Haitham Al Salmi, MSX
Sustaining the Momentum
In 2024, the OIA launched the Liquidity Development Fund—an initial 50 million rial initiative that grew to 150 million rials by mid-2025, jointly managed with the Social Protection Fund and leading Omani financial firms. It’s not just a mechanism; it’s a confidence backstop that keeps growth steady through different market cycles.
More Than Markets
What’s happening in Muscat is bigger than stock prices. It reflects Oman’s new economic rhythm—sustainability, inclusion and shared prosperity—rooted in Vision 2040. By opening space for everyday investors, the market becomes more human: a platform where Omanis can own a stake in their nation’s future.
The Road Ahead
Oman’s financial landscape still has more to unfold, but the foundation is solid. The reforms have given MSX not just strength, but identity—a sense of purpose aligned with a diversified, sustainable economy. The exchange isn’t just rising; it’s finding its voice—and the world is listening.
I'm Hassan — a multidisciplinary storyteller at the intersection of culture, creativity, and strategy. As a content creator and website manager at Omanspire, I bring Omani stories to life through thoughtful writing, SEO-driven publishing, and engaging digital experiences. With a passion for history, branding, and visual design, I craft content that bridges tradition and innovation — always with purpose, and always with people in mind.
