Global Arab Network | Oman Achieves 28.3 % Economic Growth in Nine Months

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Oman Achieves 28.3 % Economic Growth in Nine Months

Global Arab Network - - Rabih Serrai

Wednesday, 23 March 2011 21:41

Oman_Achieves_28.3__Economic_Growth_in_Nine_Months

Oman (Muscat) — The Sultanate’s economy has achieved 28.3 per cent growth in the first nine months ending in September 2010, which reflected an increase of the financial indicators of most of the companies listed on Muscat Securities Market (MSM) and the recent quarterly profits announced by most of the companies are the proof for this. MSM index grew by 6 per cent in 2010.

This was stated by Shaikh Saad bin Mohammed al Saadi, Minister of Commerce and Industry, and Chairman of the Capital Market Authority (CMA) Board, during the second Middle East Securities Forum.

The forum was organised by Muscat Securities Market (MSM) and the CMA in collaboration with Informa Professional at Al Bustan Palace Hotel yesterday.

The two-day forum will cast light on the reality of securities in the Middle East, available investment opportunities, discussing the challenges related to such markets and the solutions, in addition to gaining knowledge about the international investment-related experiences in the world securities markets.

He pointed out that the regional forum being hosted by the Sultanate covers vital topics to the Gulf and Middle Eastern economies.

He added that the participation of professionals from various disciplines comprising of bankers, strategists, policy-makers and industry leaders will contribute in its success and enhance the chances of benefiting from the ideas and visions with the recommendations of the one-day workshop on ‘Assessing GCC Market Infrastructure Risks’ that preceded it, focusing on the assessment of the various types of risks faced by the market infrastructure after the global financial crisis, which the world still suffers from its implications.

The forum will also discuss the reality of challenges confronting the trading processes and the regulatory frames of these processes and the scope of using modern technologies in the Middle East bourses and their contribution in raising the efficiency of the securities markets and innovating new investment tools in the Middle East securities and their impact on attracting investors.

Yahya bin Saeed al Jabri, Executive President of the CMA, said that the Omani economy has witnessed considerable developments during the past 10 years with budget surpluses and economic stability. This resulted in opening border spheres for foreign investments generating a common market and allowing cross-border trading and further move towards economic integration of the region.

He focused on the Foreign Direct Investment (FDI) in general and its importance for each country globally, as one of the main factors driving international economic and political relations in the era of globalisation, countries compete to attract such investments through furnishing attractive environment.

He added that MSM, which commenced operations in 1989, is regarded as one of the most progressive, best –regulated and transparent stock markets in the region. The MSM has achieved several milestones since that date.

He said the recent global financial crisis has unveiled many gaps and weakness in the audit framework in different parts of the world, which urged the audit agencies to introduce required reforms and amendments to face different means including attracting foreign investments.

Ahmed bin Saleh al Marhoon, Director-General of MSM, pointed out that the Omani economy has over the past four decades succeeded in achieving a qualitative and quantitative leap in its performance. It has deployed its resources and human potentials to realise continuous growth. It has also been able to diversify the sources of income to achieve balanced development in two phases.

During the first (1970-1995), the Sultanate managed to lay the foundation for building a modern economy, social and economic transformation, which included the establishment of MSM.

He added that the second stage from 1996 onwards marks the Sultanate’s takeoff towards the future, through preparing the long-term development strategy (1996-2020) known as Vision 2020.

The forum will be a good chance for the participants and lecturers for gaining knowledge about the investment reality in the Sultanate, development of the securities sector, available investment opportunities in the securities in general and Muscat Securities Market (MSM) in particular, in addition to promoting the future visions and strategies for boosting and improving the performance of the Omani capital market. (ONA)

Global Arab Network

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