Muscat: The Capital Market Incentive Programme is poised to significantly contribute to the expansion and enhancement of Oman's capital market, thereby attracting a greater volume of both domestic and international investments, as highlighted by Haitham Al Salmi, the CEO of the Muscat Stock Exchange.
During a press conference conducted by the Financial Services Authority, the intricacies of the programme were unveiled, presenting a comprehensive package of incentives aimed at improving Oman's investment and business landscape, thereby fostering economic growth.
The five-year Capital Market Incentive Programme is structured into three primary tracks: the encouragement of the establishment or conversion of family-owned businesses into public joint stock companies, the creation of a specialized sub-market on the Muscat Stock Exchange known as the "Promising Companies Market," and the promotion of the transformation of limited liability companies into closed joint stock companies.
Haitham Al Salmi underscored that this initiative is in harmony with the government's commitment to the development of the private sector business environment and the achievement of the objectives outlined in Oman Vision 2040.
"The Promising Companies Market will provide a supportive environment for the growth and experience of private, family-owned, emerging, and small and medium-sized enterprises within the financial markets," he elaborated.
Furthermore, he mentioned that the Financial Services Authority is in collaboration with the Muscat Stock Exchange to establish the necessary regulations and procedures for the Promising Companies Market, which is anticipated to be inaugurated by the end of the year.
His Excellency, the Secretary General of the Ministry of Finance, affirmed that the Capital Market Incentive Programme, sanctioned by His Majesty the Sultan, is in alignment with the objectives of the National Program for Financial Sustainability and Financial Sector Development.
His Excellency, Dr. Undersecretary of the Ministry of Commerce, Industry, and Investment Promotion for Commerce and Industry, noted that the royal endorsement of the capital market development initiatives will propel the trade and industry sectors in Oman, while also enhancing oversight, governance, disclosure, and transparency in transactions.
The CEO of the Authority for Small and Medium Enterprises Development commented, "The establishment of the Promising Companies Market on the Muscat Stock Exchange is expected to have a positive impact on start-ups, family businesses, and institutions, thereby encouraging their evolution into public joint stock companies."
The Director General of Commerce at the Ministry of Commerce, Industry, and Investment Promotion added, "The Ministry will shortly announce the procedures and requirements for the conversion of limited liability companies into closed joint-stock companies, with the current count of such entities standing at 118,052."
