Oman’s Investment Authority Allocates $260 Mln to Support Muscat Stock Exchange

Muscat Stock Exchange (Omani News Agency)
Muscat Stock Exchange (Omani News Agency)
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Oman’s Investment Authority Allocates $260 Mln to Support Muscat Stock Exchange

Muscat Stock Exchange (Omani News Agency)
Muscat Stock Exchange (Omani News Agency)

The Oman Investment Authority (OIA) announced the allocation of 100 million Omani riyals (about $260.8 million) to support the Muscat Stock Exchange through the Liquidity Fund initiative, which is launched by the body in cooperation with the National Program for Financial Sustainability and Financial Sector Development.

Aown bin Abbas al Bahrani, director general of public markets investment at the OIA, said that the Liquidity Fund Initiative is a portfolio worth 100 million Omani riyals to support market-makers and liquidity providers on the Muscat Stock Exchange.

He added that the new initiative reflects the priorities of Oman’s Vision 2040 and falls within the framework of efforts aimed at strengthening the Muscat Stock Exchange, achieving sustainable growth, enhancing investor attractiveness, and increasing their confidence in the market.

The expansion of the Muscat Stock Exchange through the primary or secondary public offerings was among the goals of the OIA’s exit plan that was announced last year. The OIA’s exit from two state-owned firms resulted in the listing of the Pearl Real Estate Investment Fund and Abraaj Energy Services on the MSX.

Meanwhile, the Omani Ministry of Transport, Communications and Information Technology, participated in the third edition of the Oman-Switzerland Business Forum, which aims to strengthen the role of the private sector, achieve economic diversification and financial sustainability and attract foreign investment.

The forum was organized by the Oman-Switzerland Friendship Association and the Advisory Organization for the Swiss Export and Investment Program in Lucerne, under the theme of “Opportunities for Investment and Cooperation in Renewable Energy, Infrastructure and Tourism”.

In a speech on the occasion, Eng. Khamis Mohammed Al Shamakhi, Transport Undersecretary at the Ministry of Transport, Communications and Information Technology, outlined the business advantages offered by the infrastructure sector in Oman, mainly investment opportunities in the field of transport and logistics.

 



Record-Breaking Bitcoin Surges Towards $90,000 on Trump Boost

Republican presidential candidate former President Donald Trump speaks at the Bitcoin 2024 Conference, July 27, 2024, in Nashville, Tenn. (AP)
Republican presidential candidate former President Donald Trump speaks at the Bitcoin 2024 Conference, July 27, 2024, in Nashville, Tenn. (AP)
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Record-Breaking Bitcoin Surges Towards $90,000 on Trump Boost

Republican presidential candidate former President Donald Trump speaks at the Bitcoin 2024 Conference, July 27, 2024, in Nashville, Tenn. (AP)
Republican presidential candidate former President Donald Trump speaks at the Bitcoin 2024 Conference, July 27, 2024, in Nashville, Tenn. (AP)

Bitcoin rallied to the verge of $90,000 on Tuesday, riding a wave of euphoria since the election of Donald Trump as US president on expectations his administration will be crypto friendly.

The world's biggest cryptocurrency has become one of the most eye-catching movers in the week since the election and touched $89,982 - a gain of around 30% since Nov. 5. It was last down 1.4% at $86,730.

Bitcoin is surging along with Elon Musk's automaker Tesla, which is up nearly 40% since voting results rolled in, as investors figure Trump's friends and interests will do well while he is in office.

"The crypto enthusiasts think they have a like-minded incoming president," said Alvin Tan, head of Asia FX strategy at RBC Capital Markets.

"The thing about bitcoin at the end of the day is that there is no valuation anchor to it, it's hard to get a grip on fair value. So when sentiment is very positive, it does get carried away a lot more than other asset classes."

Trump embraced digital assets during his campaign, promising to make the United States the "crypto capital of the planet" and to accumulate a national stockpile of bitcoin.

It is not clear how or when that could happen, but the possibility drove a speculative surge in crypto mining and trading stocks.

"I think it increases the chances that other nation states buy bitcoin in a bid to front run the US," said Matthew Dibb, chief investment officer at cryptocurrency asset manager Astronaut Capital.

"Additionally, I think it would be a crazy catalyst for the US listed bitcoin miners ... given possibilities of such entities getting nationalized."

Crypto miner Riot Platforms jumped nearly 17% on Wall Street on Monday. Fellow miners MARA Holdings and CleanSpark leapt nearly 30%.

Software company and investor in bitcoin MicroStrategy announced it had spent about $2 billion buying bitcoin between Oct. 31 and Nov. 10. Shares rose 26% on Monday.

"Obviously (it's) a clear Trump trade as he is so supportive of the industry, and this can only mean more demand both for crypto stocks as well as the currencies themselves," Nick Twidale, chief market analyst at ATFX Global in Sydney, said of the bitcoin rally.

"The fact that bitcoin was trading near all-time highs when the election result came through meant that it had clean sky above."

The euphoria extended across the crypto landscape with smaller tokens such as ether and dogecoin surging, although they dipped on Tuesday morning in Europe.

Crypto investors see an end to increased scrutiny under US Securities and Exchange Commission Chair Gary Gensler whom Trump has said he will replace. Trump also unveiled a new crypto business, World Liberty Financial, in September.

"What we're seeing isn't just a price milestone; it's a signal that the market is warming to the idea of bitcoin as a more stable, even politically favored, asset," said Justin D'Anethan, head of Asia-Pacific business development at digital assets market maker Keyrock.