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CMA Nod for Investment Stability Fund
MUSCAT - The Capital Market Authority (CMA) has given the go-ahead to set up an ‘Investment Stability Fund’ in Oman in response to a request from the government.
The licence to establish the fund has been granted in a bid to restore confidence to the investment environment, Commerce and Industry Minister Maqbool bin Ali Sultan said. He added the fund would adopt policies “to ensure continuous success of the securities market as an important instrument of the financial sector.”
The fund’s capital will be RO150 million with the government holding 60 per cent (RO90 million) and the private sector, represented by banks, investment firms and companies operating in securities, 40 per cent (RO60 million).
“It is an open end investment fund with an indefinite term that would contribute to restoring confidence in the local market in view of the global financial situation and the resulting downturn in the Muscat Securities Market (MSM) index,” Sultan said.
It would also aim at boosting liquidity and “enhancing investment professionalism in the market, as well as other investment objectives that bring stability to the securities market in the Sultanate,” he added.
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