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Oman: MSX to allow full foreign ownership in listed companies

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MUSCAT: The Muscat Stock Exchange announced limits on foreign ownership of listed companies have been lifted, and such enterprises can now be 100 percent foreign-owned.

Companies listed on the Muscat Stock Exchange are no longer required to be owned by Omani corporations as a result of the reform. The action indicates that Oman is looking for international investment in order to boost the economy and diversify away from oil.

Around 100 firms from the energy, finance, manufacturing, and other sectors are listed on the Muscat Stock Exchange.

Oman’s economy is diversifying in other areas as well. According to the state news agency, the country’s Khazaen Economic City signed an agreement with Kuwait’s Jana International Company to develop a plastics factory in Oman today.

According to the news agency, Oman and Bahrain also hosted a joint investment forum on Tuesday.

The statement of private ownership did not immediately boost Oman’s stock exchange.

Other Gulf states have also allowed foreign investment in state-owned firms. Saudi Arabia raised more than $25 billion by selling 1.5 percent of Aramco’s shares on the Saudi stock exchange in 2019.

Over the next five years, Oman wants to float 35 state-owned enterprises on the Muscat Stock Exchange. Later in 2022, the proposal will be disclosed.

The Arab Federation of Capital Markets will be presided over by the Muscat Stock Exchange in 2023. The members of the federation are Arab stock exchanges.

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