Oman to allow foreign ownership for companies on Muscat stock exchange
The move will help Oman diversify its economy away from dependency on oil. The country has recently sought investment from its neighbors in the Gulf.
Publicly traded companies in Oman will soon be able to seek completely foreign ownership.
The Muscat Stock Exchange announced on Twitter Monday the removal of restrictions on foreign ownership of listed companies. Such firms can now be 100% foreign-owned, according to a tweet.
Why it matters: The change means that companies listed on the Muscat Stock Exchange no longer need to be owned by Omani entities. The move is an indication that Oman is seeking foreign capital in a bid to raise growth and help diversify away from oil.
Around 100 companies are listed on the Muscat Stock Exchange from the energy, finance, manufacturing and several other sectors.
