Executive Summary
The Oman Stock Market has been an underdog for the past few years, but its performance in 2025 has stood out, making it the best-performing index in the GCC region during the year. Although the recent growth momentum may appear to stem from Oman’s potential inclusion in the MSCI Emerging Market index, the primary driver has been the government’s structural reforms that have gradually transformed Oman’s corporate landscape and markets over the years. Although Oman’s MSCI inclusion has become the talk among investors, the practical timeline for an upgrade still seems distant. However, with structural reforms and a possible MSCI EM inclusion in the pipeline, Oman markets could see strong upside, driven by a valuation re-rating and sustained earnings growth.
