Core Insights - The Muscat Securities Market (MSX) has achieved its strongest performance in nearly a decade, primarily driven by reforms led by the Oman Investment Authority (OIA) [1][3] - Trading volume has increased fivefold since 2021, reaching approximately $8.45 billion, while market capitalization has grown by 51% to exceed $79 billion [1][3] - The MSX index recently surpassed the 5000-point mark for the first time in eight years, indicating renewed investor confidence and increased market activity [1][3] Market Growth and Reforms - The growth reflects broader efforts by Oman to strengthen its capital markets and attract regional and international investments, aligning with Oman’s Vision 2040 [3] - The transformation began with Royal Decree No. 5/2021, which restructured the Muscat Securities Market into a closed joint-stock company fully owned by OIA [3] - OIA's Vice President, Mulham bin Basheer Al Jarf, emphasized the goal of creating an efficient and investor-friendly exchange to drive economic growth and attract quality investments [3] Performance Metrics - Since 2022, the MSX index has increased by 67%, outperforming major global benchmark indices, including the S&P 500 and MSCI indices for Gulf Cooperation Council countries, emerging markets, and China [3] - This growth is attributed to three strategic initiatives by OIA: enhancing liquidity, diversifying listed products, and broadening the investor base [3] IPO Activity - OIA's IPO plans have played a crucial role in this expansion, with Abraj Energy Services raising approximately $244 million, marking the largest IPO since 2010 [4] - OQ Gas Networks raised $749 million, attracting over $10 billion in subscription orders, showcasing global confidence in the Omani market [4] - Upcoming IPOs include OQ Exploration and Production ($2.5 billion), OQ Biodiesel and Industries ($490 million), and ASYAD Shipping ($333 million), indicating a continued trend of public offerings in Oman [4] Liquidity Initiatives - To maintain growth momentum, OIA launched the Tanmia liquidity fund in 2024, starting with $130 million and projected to grow to $390 million by mid-2025 [5] - The fund is managed by Tanmia, United Securities, and Ubhar Capital, aimed at supporting market stability and enhancing liquidity [5] - MSX's CEO, Haitham Al Salmi, noted that OIA's strategic vision has strengthened MSX through improved governance, transparency, and trading efficiency [5]