OMAN: FSA Unveils New Regulatory Framework for AIM

Thursday August 14 2025

On 10^th August 2025, the Financial Services Authority (FSA) has issued Decision No. 28/2025 to promulgate the Regulation for the Alternative Investment Market (AIM), following Royal Decree No. 18/2025 establishing a secondary market within the Muscat Stock Exchange (MSE) under the name ‘Promising Companies Market.’

This decision comes in line with the Royal Directives to launch the Capital Market Incentive Programme, aimed at enhancing the investment and business environment in the Sultanate of Oman, broadening financing options for companies of all types, strengthening corporate governance and sustainability, improving reliability, upgrading the MSE to emerging market status, expanding the investor base, facilitating exits and boosting market liquidity.

It sets out the procedures and conditions for listing promising companies, enabling start-ups, SMEs, and private and family-owned companies to benefit from a streamlined regulatory environment tailored to their needs, with financing and operational incentives that support sustainability and growth.

The regulation provides for two listing options, direct listing and indirect listing.

The regulation outlines the process for submitting listing applications to the FSA, with a three-working-day review period from the date all requirements are met. If no response is given within this period, the application is deemed approved. The MSE may cancel a listing in cases of regulatory breaches, subject to approved guidelines. Trading in the Promising Companies Market is restricted to qualified investors, including licensed securities sector entities, insurance companies, the Social Protection Fund, investment funds, and high-net-worth or financially knowledgeable individuals.

The regulation restricts founders from selling their shares for one year from the listing date, with a permitted exit of up to 10% under exchange rules. For companies under establishment, founders may not dispose of their shares until one full financial year after registration, with the FSA able to extend this period.

It is accompanied by detailed schedules outlining the service fees related to listing and issuance, reflecting the Authority’s approach to simplifying the financial and operational burdens on target companies, and contributing to encouraging their participation in the market and promoting a culture of corporate transformation and financing through the capital market.

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