Muscat – Muscat Stock Exchange (MSX) has recorded its strongest performance in nearly a decade, crossing the 5,000-point mark for the first time in eight years as reforms led by Oman Investment Authority (OIA) continue to boost liquidity, listings and investor confidence.

Trading volumes have surged fivefold, rising from RO645mn in 2021 to more than RO3.25bn during the first ten months of 2025. Market capitalisation reached RO30.53bn in October 2025, up 51% from RO20.24bn in 2020, underscoring the impact of OIA’s measures to strengthen MSX and align it with Vision 2040 goals. 

The market’s transformation followed Royal Decree No 5/2021, which converted MSE into a closed joint stock company fully owned by OIA. This paved the way for targeted interventions, including liquidity injections, institutional investment initiatives, and a pipeline of public offerings that have revitalised trading activity.

Mulham bin Basheer al Jarf, Deputy President for Investments at OIA, said the transformation reflects the authority’s vision of creating an efficient and attractive capital market that supports economic growth. “Since inception, OIA aimed to turn MSX into a high-performing, investor-friendly exchange and a key investment enabler for the Omani economy,” he said.

Between 2022 and 2025, MSX outperformed global indices such as the S&P 500 and MSCI GCC benchmarks, expanding 67% with an average annual growth of 14.6%. It also attracted record foreign participation through a series of major IPOs.

OQ Gas Networks’ offering in October 2023, Oman’s largest IPO at the time, drew RO4bn in demand, while Abraj Energy Services’ listing raised RO94mn. Subsequent offerings from OQ Exploration and Production, OQ Business Integration, and Asyad Shipping further diversified the market and introduced new sectors.

To maintain liquidity, OIA launched the Tanmia Liquidity Fund in 2024 with an initial value of RO50mn, later expanded to RO150mn, co-funded by the Social Protection Fund. The fund supports market stability and ensures sustained trading momentum.

MSX’s rapid rise reflects coordinated efforts by key stakeholders including the Financial Services Authority, Social Protection Fund and local financial institutions. With market depth, trading efficiency and investor confidence at record levels, the exchange has cemented its role as a cornerstone of Oman’s economic diversification strategy and a growing regional investment hub.