Oman's MSX ready to join global indices next year: CEO

Haitham Al Salmi, CEO of Muscat Stock Exchange (MSX)

Muscat Stock Exchange (MSX) is technically ready to join global indices and emerging markets by 2025, CEO Haitham Al Salmi told Argaam on the sidelines of the HSBC GCC London Conference.

The stock market has applied emerging market standards and settlements, and will focus on increasing the market cap of listed companies, free floats and traded value over the coming years, Al Salmi noted.

For more exclusive interviews

He added that MSX aims to join the watch list over the next two years.

The market infrastructure and the exit plan of Oman Investment Authority, the major shareholder of most government companies, will drive the stock exchange in the coming period.

Regarding the dual listing with the Saudi Exchange (Tadawul), Al Salmi said the technical infrastructure is ready for dual listing of companies listed on Tadawul, which will drive the trading activity.

Several MSX-listed stocks trade at less than their book value due to lack of liquidity, which makes them much attractive, the CEO said, noting that this issue will be handled by the dual listing.

Tabadul platform links MSX with Abu Dhabi, Bahrain, and Kazakhstan markets, as it allows investors to trade stocks across the borders seamlessly.

The platform encourages the emergence of licensed market makers and the expansion of their business across borders. It also stimulates research for listed companies in the connected markets.

MSX aims to reduce the number of apps that serve individual investors in the Sultanate to one app. Thus, two separate apps, Muscat Clearing & Depository and Muscat Stock Exchange, will merge into one to facilitate investor experience.

The second phase will allow offering trading services from brokers through the platform, which is part of MSX's efforts to create an infrastructure for such solutions. It will include features such as account opening, trading, transaction settlement, and equity management.

Al Salmi underlined the important role of MSX in achieving Oman Vision 2040 goals by providing a platform for financing private sector projects, facilitating the participation of the private sector in government privatization projects, promoting economic diversification, and attracting foreign investments.