April marked a new milestone in the Omani national stock exchange’s journey. Previously known as Muscat Securities Market, it now operates under a new name – Muscat Stock Exchange, or MSX – as it transitions into a closed joint stock company under Oman Investment Authority. Under its new identity, the stock exchange has ambitions to become a publicly listed company in the future while continuing to adopt global best practices.
A new board of directors has been constituted to oversee MSX’s operations and I am honoured to share that I have been elected as the chairman of the board.
Today, we are at a very interesting juncture, with several countries of the world already in post-pandemic socioeconomic recovery. After what feels like a very long period of uncertainty and low morale, nations across the globe are eager to advance into the next phase of growth.
The past two years have been bittersweet for Oman. While grief-stricken citizens were overcoming the demise of Sultan Qaboos, they welcomed a renewed era of renaissance under the leadership of Sultan Haitham bin Tariq. His able stewardship helped Oman navigate the pandemic and has kept the country united through challenging times with a concerted focus on our shared goals for Oman's future.
Unprecedented times call for extraordinary measures and the recent shared experiences of uncertainty, fear and loss have made the world realise that we must stand together for collective well-being and progress. Perhaps in the long run, this may become the start of a new concerted effort needed to combat the increasingly protectionist cultures.
Oman has always prided itself on its collectivism. Our citizens are deeply attached to our national identity and the dedication of the Omani people to the community has always been a key driver of progress.
As Oman commences its economic recovery, we have to keep in mind the vision for the country outlined by our wise leaders under which logistics, tourism, mining, manufacturing and fisheries have all been identified as potential future economic drivers. As we build back better, the stock exchange under its rebranded format will serve as the platform for business transformation and growth. It is just the catalyst that our economy needs at this time. Given our nation’s long tradition of entrepreneurship, we welcome the development that will offer companies new ways to thrive and ensure a slew of benefits for all their stakeholders.
Oman's Sultan Haitham bin Tariq has ably steered his country through challenging times. Reuters
The stock exchange will play a transformative role in revitalising Oman’s economy through empowering businesses and economic development projects with better access to financing than has ever been available. Several government-owned companies are likely to opt for an IPO listing on the exchange in the years to come.
MSX is preparing to play a defining role in the realms of regional and international securities through implementing myriad initiatives to enhance the performance of listed companies, offer greater levels of transparency to its investors, increase operational effectiveness and create new opportunities and tools for market participants.
Listing a company on MSX will ensure a raft of advantages to a business and its stakeholders. In addition to creating market valuation, it will ensure sustainability for family businesses and SMEs, enabling organisations to raise capital to meet expansion goals – for instance, boosting production capacity and diversifying interests to increase revenue and create more tailored job opportunities.
Listed companies can seize new opportunities to grow in an increasingly competitive market and demonstrate the means to go head-to-head with more established competitors.
A listing on MSX will also enhance a company’s public profile through adding layers of credibility and publicising its corporate and consumer brands. A listing is also viewed as a sign of confidence and will instill greater trust among stakeholders – potentially attracting the best talent, discerning customers and business partners, as well as high net worth investors. Foreign investors are typically more inclined to consider opportunities in listed companies.
Listed companies offer shares to employees as an incentive. In doing so, they help achieve human resource goals, attract and retain a dedicated workforce over the long term and boost employee engagement.
Omani citizen Yacoub Al Abri shows off his home village of Misfat Al Abriyeen, where mud-brick houses were turned into boutique hotels to attract tourists. AFP
Egyptian tourists take a selfie as they tour the village of Misfat Al Abriyeen on the escarpments of Oman's Grand Canyon. AFP
Local residents gather outside a boutique hotel in Misfat Al Abriyeen. Six years ago it opened its narrow streets to foreign tourists and visitors from across Oman. AFP
Omanis walk along a hiking trail in Misfat Al Abriyeen. AFP
Omanis gather in the village of Misfat Al Abriyeen, which became popular among visitors seeking adventure. AFP
A girl sits outside a boutique hotel in Misfat Al Abriyeen, a popular tourist spot in a region renowned for hiking trails and tales of genies. AFP
A hotel room in the Omani village of Misfat Al Abriyeen, which changed its fortunes by turning its mud-brick homes into boutique accommodation. AFP
Visitors can stay in mud--brick boutique hotels in Misfat Al Abriyeen. AFP
A man rappels down a mountain near the village of Misfat Al Abriyeen, which is popular among people seeking adventure in Oman. AFP
Tourists ride a donkey in Misfat Al Abriyeen, a village on a mountain top in Oman. AFP
A local resident fills his cup with water at a hotel in Misfat Al Abriyeen, a popular location in a region famous for walking trails and stories of genies. AFP
The setbacks we have faced due to the impacts of the pandemic will lead us to come together
Confidence among suppliers, investors and customers will also increase over time and greatly improve the bargaining power that companies hold. Companies keen to expand and broaden the scope of their business to scales beyond the local market will greatly benefit from such overtures.
The increased transparency that comes with listing will also boost accountability, enhance competitiveness and push organisations to operate more ethically and apply global best practices, in line with Oman’s national goal to minimise corruption within the private sector.
There truly is no better time than now for a force multiplier like the Muscat Stock Exchange to introduce a new dimension to Oman's business landscape. As a nation, the setbacks we have faced due to the impacts of the pandemic will lead us to come together unified against a common enemy. I am confident that our nation will soon be ahead on the road to recovery, transformation and growth while achieving its development goals with the support of MSX and the new set of opportunities on the horizon.
Mohammed Alardhi is the executive chairman of Investcorp and chairman of Sohar International
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
Key facilities
Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
Premier League-standard football pitch
400m Olympic running track
NBA-spec basketball court with auditorium
600-seat auditorium
Spaces for historical and cultural exploration
An elevated football field that doubles as a helipad
Specialist robotics and science laboratories
AR and VR-enabled learning centres
Disruption Lab and Research Centre for developing entrepreneurial skills
RESULT
Esperance de Tunis 1 Guadalajara 1
(Esperance won 6-5 on penalties) Esperance: Belaili 38’ Guadalajara: Sandoval 5’
A mark of Chatham House’s influence 100 years on since its founding, was Moscow’s formal declaration last month that it was an “undesirable organisation”.
The depth of knowledge and academics that it drew on following the Ukraine invasion had broadcast Mr Putin’s chicanery.
The institute is more used to accommodating world leaders, with Nelson Mandela, Margaret Thatcher among those helping it provide authoritative commentary on world events.
Chatham House was formally founded as the Royal Institute of International Affairs following the peace conferences of World War One. Its founder, Lionel Curtis, wanted a more scientific examination of international affairs with a transparent exchange of information and ideas.
That arena of debate and analysis was enhanced by the “Chatham House Rule” states that the contents of any meeting can be discussed outside Chatham House but no mention can be made identifying individuals who commented.
This has enabled some candid exchanges on difficult subjects allowing a greater degree of free speech from high-ranking figures.
These meetings are highly valued, so much so that ambassadors reported them in secret diplomatic cables that – when they were revealed in the Wikileaks reporting – were thus found to have broken the rule. However, most speeches are held on the record.
Its research and debate has offered fresh ideas to policymakers enabling them to more coherently address troubling issues from climate change to health and food security.
UAE squad: Rohan Mustafa (captain), Shaiman Anwar, Ghulam Shabber, Mohammed Qasim, Rameez Shahzad, Mohammed Usman, Adnan Mufti, Chirag Suri, Ahmed Raza, Imran Haider, Mohammed Naveed, Amjad Javed, Zahoor Khan, Qadeer Ahmed Fixtures and results:
Monday, UAE won by three wickets
Wednesday, 2nd 50-over match
Thursday, 3rd 50-over match
5pm: Maiden (PA) Dh80,000 1,200m
Winner: Shafaf, Sam Hitchcott (jockey), Ahmed Al Mehairbi (trainer) 5,30pm: Wathba Stallions Cup Handicap (PA) Dh70,000 1,200m
Winner: Noof KB, Tadhg O’Shea, Ernst Oertel 6pm: The President’s Cup Listed (TB) Dh380,000 1,400m
Winner: Taamol, Jim Crowley, Ali Rashid Al Raihe 6.30pm: The President’s Cup Group One (PA) Dh2,500,000 2,200m
Winner: Rmmas, Tadhg O’Shea, Jean de Roualle 7pm: Arabian Triple Crown Listed (PA) Dh230,000 1,600m
Winner: Ihtesham, Szczepan Mazur, Ibrahim Al Hadhrami 7.30pm: Handicap (PA) Dh80,000 1,400m
Winner: AF Mekhbat, Antonio Fresu, Ernst Oertel
