Capital markets key to Oman Vision 2040
MUSCAT: A key conference spotlighting Oman's Capital Market opened here yesterday, Thursday, June 12, under the auspices of Dr Said bin Mohammed al Saqri, Minister of Economy.
The 'Oman Capital Market' conference was organised by the Gulf Cooperation Market Association (GCMA) in collaboration with Muscat Stock Exchange (MSX), and financial firm State Street.
In his opening remarks, Faisal al Nabhani, Managing Director and Country Lead of Oman and Qatar - State Street, highlighted the significance of the conference. "As the GCC continues to attract global clients, talent, and innovation, the role of capital markets becomes ever more critical. From renewable energy and logistics to the data economy, the GCC is poised to lead in the industries of tomorrow. Capital markets will be an enabler, enhancing liquidity, improving resource allocation, and accelerating the transition to a more diversified and resilient economic model,' he shared.
Al Nabhani further added: "(This conference) is a platform to share insights, explore opportunities, and shape the future of capital markets individually.'
Haitham bin Salem al Salmi, CEO – MSX, speaking at the conference
Haitham bin Salem al Salmi, Chief Executive Officer of MSX, highlighted the significant role capital markets play in actualising Oman Vision 2040, '(Oman) is (moving) towards a more diversified economy. (The government is) more focused on raising direct foreign investments in Oman and, of course, partnering with the private sector. With these three main pillars, we understand that the capital market is the right venue for such partnerships and for initiatives that will support Oman Vision 2040.'
He added that recent IPO activity signalled a growing momentum in the market. 'With a clear pipeline from the government to divest — having five major divestments and IPOs in the country — that has created a market cap that touched RO 28.40 billion currently. This has been a key driver, bringing more activity, with trading values close to RO 700 million from the new IPOs alone. We believe that we have (demonstrated) a major impact and clear proof that Oman's capital market is well-equipped to absorb opportunities, finance projects and provide exit tools for investors as well,' he shared.
The one-day conference also included addresses on local, regional and global economics, along with an overview of the current landscape. Additionally, it included three main panel discussions highlighting topics such as the future vision of Oman's Capital Market, debt finance for Omani companies, and opportunities within a regional capital market.
2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (Syndigate.info).
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