Oman’s Small and Medium Enterprises Development Authority (Riyada) has signed a memorandum of cooperation (MoC) with the Muscat Stock Exchange (MSX) to enable the listing of small and medium enterprises (SMEs) in the Omani bourse.
As part of the agreement, the MSX will formulate the requisite qualification criteria for the listing of SMEs, along with the supporting data.
According to the statement, “The pact will contribute to the advancement of entrepreneurship in Oman, raise the SME sector’s contribution to the GDP, and make small businesses more agile and resilient.”
The MoC also aims to enable SMEs to trade, buy and sell securities as well as financial instruments on the stock exchange, in addition to promoting awareness among entrepreneurs of the importance of listing their businesses on the MSX with a view to opening them up to growth opportunities.
Ms. Halima bint Rashid al Zaraiyah, Chairperson of the SME Development Authority, said that “the Authority seeks to find other alternatives that will empower small businesses to develop their capabilities to compete globally and also attract investment into their organizations.”
Mr. Mohammed bin Mahfouz al Ardhi, Chairman of the Board of Directors of MSX, noted that “SMEs will drive the market’s growth in the coming phase. To this end, the stock exchange is preparing the necessary legislative and technical frameworks necessary to establish a special stock exchange for small and medium enterprises.”
“Additionally, MSX plans to study the development of an electronic trading system that includes the listing and trading of shares of SMEs. Both sides will also chart a timeframe for SMEs to be listed on the exchange,” Mr. al Ardhi added.
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