HH Sayyid Bilarab bin Haitham Al Said presided over the official launch of the Alternative Investment Market (AIM) at the Muscat Stock Exchange (MSX), marking a significant milestone in advancing Oman’s capital market and supporting the growth of emerging enterprises.
This initiative is part of an integrated partnership with the National Program for Financial Sustainability and Financial Sector Development ‘Estidamah’, along with several government entities including the Ministry of Commerce, Industry and Investment Promotion, the Financial Services Authority, the Small and Medium Enterprises Development Authority, and Muscat Clearing and Depository.
The market aims to open new financing and investment opportunities to support private sector companies, including family-owned small, and medium enterprises with growth and expansion plans.
The launch of the Alternative Investment Market by the Muscat Stock Exchange comes in line with the Royal directives of His Majesty Sultan Haitham bin Tarik in May 2024 regarding the implementation of the Capital Market Incentive Program.
This program aims to empower the private sector and enhance its competitiveness by providing a package of incentives to encourage companies to list in the capital market, aligning with the approaches of Oman Vision 2040 towards building a productive, diversified and sustainable economy. The Capital Market Incentive Program includes three main tracks. The first focuses on incentivizing large companies to transform into public joint-stock companies and list on the main market.
The Alternative Investment Market represents the second track of the program, serving as an innovative financing and investment platform targeting small and medium enterprises (SMEs). It simplifies listing requirements and offers tax, marketing, and operational incentives, contributing to the growth and sustainability of these companies, enhancing their transparency and governance, and building confidence with investors.
During the current phase, Bawareq Nizwa International Investment Company will be listed on the Alternative Investment Market through direct listing. Three other companies are working towards indirect listing by offering their shares to qualified investors, namely Nafath for Renewable Energy, Mays for Cars, and the Omani Company for Insecticides and Air Fresheners.
Image Credits : ONA | Cropped by GBN
The third track involves encouraging companies to convert into closed joint-stock companies as a preliminary step towards potential future public listing on the capital markets.
In this context, several limited liability companies have transitioned to closed joint-stock companies, including two family-owned businesses, Saud Bahwan Holding and Al Rawas Holding, alongside startups in technology and industry such as Ibn Firnas Drone Centre and Computer Stationery Industry Company. This step reflects the expansion of involving various sectors within the economic development and stimulation framework.
The Capital Market Incentive Program spans five years, starting from the effective implementation date of each of the three tracks, allowing for gradual and balanced execution of initiatives and ensuring the achievement of the set goals in market development and enhancing its investment attractiveness.
Mahmood bin Abdullah Al Aweini, Secretary-General of the Ministry of Finance and Supervisor of Estidamah, said Estidamah supports government efforts to develop the financial sector by strengthening the capital market’s role and increasing MSX’s appeal to investors. He added that Alternative Investment Market will help achieve these goals by offering innovative SME financing and promoting stronger governance and transparency.
Image Credits : ONA | Cropped by GBN
Abdullah bin Salim Al Salmi, Executive President of the Financial Services Authority, noted that launch of Alternative Investment Market aligns with the Royal directive under His Majesty Sultan Haitham bin Tarik to foster a dynamic investment climate. He said it marks a major milestone in Oman’s capital market, helping national firms transition into public joint-stock companies, diversify funding, and attract investment.
Haitham bin Salim Al Salmi, CEO of MSX, said AIM supports company growth, competitiveness, and scalability by offering flexible financing and investment opportunities, ensuring liquidity and smoother divestment processes.
Mohammed bin Said Al Abri, CEO of Muscat Clearing and Depository, added that Alternative Investment Market supports Oman Vision 2040 by creating new avenues for entrepreneurs and start-ups. He confirmed system upgrades and operational enhancements to ensure seamless listing, investor registration, and settlement.
The launch of the Alternative Investment Market (AIM) represents a strategic step towards developing the capital market ecosystem in the Sultanate of Oman and expanding the financing options available to the private sector. This enhances its contribution to economic growth and solidifies Oman’s position as a promising investment destination based on the foundations of transparency and financial sustainability.
