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
Tackling money goals one at a time cost financial literacy expert Barbara O'Neill at least $1 million.
That's how much Ms O'Neill, a distinguished professor at Rutgers University in the US, figures she lost by starting saving for retirement only after she had created an emergency fund, bought a car with cash and purchased a home.
"I tell students that eventually, 30 years later, I hit the million-dollar mark, but I could've had $2 million," Ms O'Neill says.
Too often, financial experts say, people want to attack their money goals one at a time: "As soon as I pay off my credit card debt, then I'll start saving for a home," or, "As soon as I pay off my student loan debt, then I'll start saving for retirement"."
People do not realise how costly the words "as soon as" can be. Paying off debt is a worthy goal, but it should not come at the expense of other goals, particularly saving for retirement. The sooner money is contributed, the longer it can benefit from compounded returns. Compounded returns are when your investment gains earn their own gains, which can dramatically increase your balances over time.
"By putting off saving for the future, you are really inhibiting yourself from benefiting from that wonderful magic," says Kimberly Zimmerman Rand , an accredited financial counsellor and principal at Dragonfly Financial Solutions in Boston. "If you can start saving today ... you are going to have a lot more five years from now than if you decide to pay off debt for three years and start saving in year four."
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Stuart Ritchie, director of wealth advice at AES International, says children cannot learn something overnight, so it helps to have a fun routine that keeps them engaged and interested.
“I explain to my daughter that the money I draw from an ATM or the money on my bank card doesn’t just magically appear – it’s money I have earned from my job. I show her how this works by giving her little chores around the house so she can earn pocket money,” says Mr Ritchie.
His daughter is allowed to spend half of her pocket money, while the other half goes into a bank account. When this money hits a certain milestone, Mr Ritchie rewards his daughter with a small lump sum.
He also recommends books that teach the importance of money management for children, such as The Squirrel Manifesto by Ric Edelman and Jean Edelman.
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Family: She is the youngest of seven siblings
Time in the UAE: 10 years
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