The Small and Medium Enterprises Development Authority (Riyada) on Thursday signed a memorandum of cooperation (MoC) with the Muscat Stock Exchange (MSX) to enable the listing of small and medium enterprises (SMEs) on the Omani bourse. Also as part of the arrangement, the MSX will formulate the requisite qualification criteria for the listing of SMEs, along with the supporting data.
The MoC aims to enable SMEs to trade, buy and sell securities and financial instruments on the stock exchange, in addition to promoting awareness among entrepreneurs of the importance of listing their businesses on the MSX with a view to opening them up to growth opportunities.
The MoC was signed by Halima bint Rashid al Zaraiyah, Chairperson of the SME Development Authority, and Mohammed bin Mahfouz al Ardhi, Chairman of the Board of Directors of MSX.
Halima noted that the Authority seeks to find other alternatives that will empower small businesses to develop their capabilities to compete globally and also attract investment into their organisations.
The pact will contribute to the advancement of entrepreneurship in Oman, raise the SME sector’s contribution to the GDP and making small businesses more agile and resilient.
MSX’s Al Ardhi added that SMEs will drive the market’s growth in the coming phase. To this end, the stock exchange is preparing the necessary legislative and technical frameworks necessary to establish a special stock exchange for small and medium enterprises. Additionally, the MSX plans to study the development of an electronic trading system that includes the listing and trading of shares of SMEs. Both sides will also chart a timeframe for SMEs to be listed on the exchange, he stated.
