Overview
The Capital Market Authority (CMA) of Oman was established by Royal Decree 80/1998 and commenced operations in 1999 as the independent regulator for Oman’s securities and insurance markets. The CMA’s mandate covers:
- Securities market regulation (equity, debt, derivatives)
- Insurance and reinsurance sector supervision
- Muscat Stock Exchange (MSX) oversight
- Mortgage finance companies
- Capital market participant licensing (brokers, fund managers, investment advisers)
Muscat Stock Exchange
The Muscat Stock Exchange (MSX) — also known as Muscat Stock Exchange — is Oman’s primary securities exchange, listing equities, corporate bonds, and government sukuk. Key characteristics:
- Market capitalisation: Approximately OMR 20-25 billion (the OQEP IPO significantly increased this)
- Listed companies: Approximately 110-120 companies across multiple sectors
- Liquidity: Moderate by regional standards — less liquid than Tadawul (Saudi) or DFM/ADX (UAE)
- Indices: MSI (Muscat Stock Index, broader), MSI 30 (blue-chip)
OQEP IPO (2024): OQ Exploration and Production’s IPO on the MSX was a landmark transaction — Oman’s largest-ever equity offering, raising approximately OMR 975 million and significantly increasing MSX market capitalisation. The CMA facilitated the IPO’s regulatory pathway.
Capital Market Development
Under Vision 2040, the CMA is pursuing capital market deepening:
Corporate bond market: Expanding the domestic corporate bond market, reducing private sector dependence on bank loans for long-term financing.
Sukuk (Islamic bonds): The government issues Sukuk to diversify public financing and develop the Islamic capital market. Corporate Sukuk is growing.
REITs (Real Estate Investment Trusts): The CMA has established the regulatory framework for REITs — enabling property investors to access diversified real estate exposure through listed securities.
ESG disclosure: Requirements for MSX-listed companies to disclose environmental, social, and governance metrics — aligning with international investor expectations and Oman’s sustainability commitments.
Foreign investor access: Improving foreign investor access to MSX through streamlined account opening, custodian arrangements, and index inclusion campaigning.
Insurance Sector
Oman’s insurance sector remains relatively small as a share of GDP — insurance penetration is below the GCC average, reflecting demographic youth and cultural factors. The CMA has progressive insurance market development plans to deepen penetration.