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
COMPANY PROFILE
Name: Akeed
Based: Muscat
Launch year: 2018
Number of employees: 40
Sector: Online food delivery
Funding: Raised $3.2m since inception
Amount raised (to date): $3.25m – $750,000 seed funding in 2017 and a Seed round of $2.5m last year. Raised $1.3m from Eureeca investors in January 2021 as part of a Series A round with a $5m target.
Abu Dhabi traffic facts
Drivers in Abu Dhabi spend 10 per cent longer in congested conditions than they would on a free-flowing road
The highest volume of traffic on the roads is found between 7am and 8am on a Sunday.
Travelling before 7am on a Sunday could save up to four hours per year on a 30-minute commute.
The day was the least congestion in Abu Dhabi in 2019 was Tuesday, August 13.
The highest levels of traffic were found on Sunday, November 10.
Drivers in Abu Dhabi lost 41 hours spent in traffic jams in rush hour during 2019
MATCH INFO
Schalke 0
Werder Bremen 1 (Bittencourt 32')
Man of the match Leonardo Bittencourt (Werder Bremen)
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
