The Board of Directors of Capital Market Authority approves the transformation of Muscat Securities Market into a government-owned company.

The Board of Directors of Capital Market Authority (CMA) held its third meeting this year under the chairmanship of HE Yahia bin Saeed Al Jabri, Chairman of the Board of Directors of the Economic Zone of Duqum, Chairman of Capital Market Authority.

The Board discussed several topics related to the development of the capital market and insurance sectors, notably the study proposal on the transformation of Muscat Securities Market into a company. The Board approved the transformation of the market into a company wholly owned by the State General Reserve Fund as a preparation for offering it for public subscription in the future.

The Board approved the rules for the establishment of a fund to guarantee the assistance of those injured in accidents caused by unknown persons and to compensate for the physical damage resulting from such incidents. It also approved the procedures and controls related to the Fund's operating system, namely, mechanisms for receiving, managing and settling the claims received according to the vehicle insurance law issued by Royal Decree No. 34 / 94).

The regulation of real estate investment funds known as "REITs" has been adopted to keep abreast of the continuous development of investment products that meet the needs of investors, employ savings for individuals and institutions and optimize the value of existing real estate assets that will be re-established in new economic projects. The regulations aim to regulate the work of these funds, their management, financing, procedures and controls that guarantee the rights of all involved parties.

In light of the government's approach towards applying the health insurance system to private sector employees and expatriates residing in the Sultanate and visitors to the Sultanate, the Board directed the executive management to complete the studies and prepare the legislative and regulatory frameworks in accordance with the directives of the Council of Ministers.

The Board reviewed the unaudited financial statements of the Capital Market Authority for the third quarter of the year and the decisions and achievements of Muscat Securities Market and Muscat Clearing and Depository Company and reviewed the market status and the performance of the shareholding companies during the period of the current year.