MUSCAT - The Sultanate of Oman, represented by the Muscat Stock Exchange (MSX), launched the first Alternative Investment Market on Monday, November 3, 2025, under the auspices of His Highness Sayyid Bilarab bin Haitham al Said.

The initiative comes in collaboration with the National Programme for Fiscal

Sustainability and Financial Sector Development (Estidamah) and 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 & Depository Company.

The market, according to officials, is designed to “unlock financing and investment pathways for private-sector companies, particularly SMEs and family-owned firms seeking expansion”.

MSX Chief Executive Officer Haitham bin Salem al Salmi described the launch as a “defining moment in Oman’s capital-market journey”.

“This market reflects our confidence in the potential of high-growth Omani companies and reinforces our commitment to enabling their expansion”, he said. “Through flexible listing models and investor-friendly mechanisms, the platform will diversify funding channels, build governance maturity and catalyse the transition of promising firms towards future public listings”.

“The Alternative Investment Market will not only attract investment but also ensure that ambitious Omani companies are positioned to scale regionally and globally, aligned with Oman Vision 2040 priorities of diversification, transparency and private-sector empowerment”, he added.

The launch of the Alternative Investment Market comes in line with Royal directives issued in May last year to activate a capital-market incentive programme aimed at expanding access to finance and supporting private-sector development. The programme aligns with Oman Vision 2040 goals to strengthen competitiveness and build a more diversified and sustainable economy.

According to officials, the incentive framework consists of three tracks. The first encourages major private firms to convert into public joint-stock companies and list on the main market.

The second track is the Alternative Investment Market, a new platform designed to support small and medium-sized enterprises and family-owned businesses. Officials explained that the market offers simplified listing requirements as well as tax, marketing and operational incentives to help promising companies scale, strengthen governance practices and enhance transparency.

As part of the initial phase, Bawarq Nizwa International Investment will be listed directly. Meanwhile, Nafath Renewable Energy, Mays Cars and Oman Pesticides & Air Fresheners Company are preparing for indirect listings through offerings to qualified investors, officials said.

The third track focuses on enabling companies to transition into closed joint-stock structures as a preparatory step towards future public listings. Officials pointed to Saud Bahwan Holding and Al Rawas Holding, along with emerging technology and industrial players such as the Ibn Firnas Drone Centre and a local computer-stationery manufacturing firm, as examples already moving through this pathway.

The programme will be implemented over a five-year period from the activation of each track, allowing phased execution intended to deepen the market gradually and reinforce investor confidence.

Mahmoud bin Abdullah al Owaini, Secretary-General of the Ministry of Finance and supervisor of the Estidamah programme, noted that the new market forms part of a broader effort to grow Oman’s financial system and expand access to capital.

“This initiative reflects a clear strategy to enhance the competitiveness of the Sultanate of Oman’s financial sector and expand access to capital for ambitious Omani enterprises”, he said. “We expect the platform to build stronger governance, improve transparency and stimulate sustainable SME growth”.

Abdullah bin Salem al Salmi, Executive President of the Financial Services Authority, described the launch as a “transformational step” in strengthening Oman’s business environment.

“The Alternative Investment Market will open new avenues for financing and accelerate the evolution of national companies towards full public-market readiness”, he said. “Our regulatory framework will support innovation while safeguarding market integrity and investor protection”.

Mohammed bin Saeed al Abri, CEO of Muscat Clearing & Depository Company, confirmed that MC&D has upgraded its technology infrastructure in support of the initiative.

“We are proud to contribute to this milestone by ensuring robust systems for listing, registration, clearing and settlement”, he said. “Our integrated support services will help emerging companies scale and position themselves for long-term success”.

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