MUSCAT: In line with directives from His Majesty Sultan Haitham bin Tarik issued last May to launch the Incentivization Programme, the Financial Services Authority (FSA) will conduct a press conference on Sunday, August 11, 2024, at the Crowne Plaza Muscat OCEC to shed light on this strategic initiative.
The event will include representatives from the National Programme for Fiscal Sustainability and Financial Sector Development 'Estidamah', the Ministry of Commerce, Industry and Investment Promotion, and the Muscat Stock Exchange (MSX). The conference will provide details about the programme and its three pathways.
The Financial Services Authority (FSA), rebranded from the earlier Capital Market Authority in May this year, has embarked on an aggressive drive to invigorate the financial sector in Oman.
As part of this effort, the Authority has pledged to roll out incentives for establishing public joint stock companies, converting existing companies to public status, and listing them on the MSX. The measures support the conversion of limited liability companies to closed joint stock companies. These measures aim to enhance the capital market and financing options for various companies, including small and medium enterprises.
The Authority’s broader regulatory scope was outlined by FSA spokesperson Majid al Abri at a press briefing earlier this year: He stated, “The establishment of the FSA and the issuance of its law will re-arrange the financial sector to include a wider set of sectors, including insurance, capital markets, credit rating agencies, commodities, energy markets, and accounting and auditing.” Al Abri emphasized that the Authority aims to integrate the financial sector into national decision-making and promote a conducive investment environment in Oman. The new law will facilitate the development of sectoral frameworks and enhance the integrity, transparency, and competitiveness of financial sectors, while also protecting investors’ rights and ensuring data confidentiality.
The programme is anticipated to promote sustainable development for targeted companies and provide new financing opportunities, enhancing their competitiveness and potential for growth.
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