Muscat Stock Exchange Expects Upgrade to Emerging Market Status by 'FTSE Russell'
Expectations of upgrading the Muscat Stock Exchange to an emerging market with new listings.
Translated by Qiyas from الراي — Original source
He added that the July initial public offering of Oman India Fertilizer Company (OIFCO) and the secondary listing of Asian Marine Transport may have helped Oman meet the quantitative requirements set by FTSE Russell.
The CEO of the Muscat Stock Exchange also expects to launch three initial public offerings next year for companies currently controlled by the state-owned Oman Investment Authority. He noted that one of these companies will be in the telecommunications sector and another in the energy sector.
Oman expects to receive the green light for its upgrade when FTSE Russell releases its next update in April, with the reclassification taking full effect five to six months later.
“We are talking about October 2027,” he added, noting that an upgrade by the competing index provider, MSCI, “is a longer-term process.”
Al-Salimi added, “We need to prepare the company, then we need a one-year performance track record, followed by two years on the watch list because they have different criteria. So we are talking about a journey of at least four years.”
Al-Salimi said the Muscat Stock Exchange is also preparing to list itself by finalizing the structure of a new group that includes the exchange, the central securities depository, the clearing house, and the information technology unit.
He said, “We are aiming to boost our profits so that we will be ready for a stock exchange listing within five years.”
