As we celebrate the 50th National Day of the Omani renaissance founded by the late Sultan Qabos, may Allah have mercy on him, and now assumed by His Majesty Sultan Haitham bin Tariq, may Allah protect him. It gives me pleasure to extend sincere and warm greetings to His Majesty and the people on the occasion of the 18th of November, we stand proud of the achievements and renew the allegiance to the Sultan as reviver and leader of the modern Oman renaissance. I recall the sublime utterance of His Majesty Sultan Haitham in the accession speech “ We will continue on the development path and continue the blessed renaissance as intended by the late Sultan, may Allah have mercy on him.” Thus, we emphasize our commitment to continue the path and renew allegiance to the beloved country and its wise leadership and will preserve the gains and invest in the opportunities according to the national vision for Oman to be among the developed countries league.
We, in the CMA would work hard with all the entities to contribute to achieving the CMA’s vision so as the capital market would be a sustainable engine of the comprehensive economic growth and wealth creation through aligning the projects and initiatives in accordance with the national requirements contained in the 2040 Oman Vision i.e. work to achieve financial sustainability and to develop the institutional performance, coordination of government efforts as well as rendering quality services to the citizens and customers, speeding up the digital transformation to reach to smart government. CMA is the regulator and supervisor of the capital market and insurance sector. They represent the key components of the modern Omani economy. All are aware of the importance of the capital markets for the modern economies as tools to ease the movement of capital among the various components to be employed to achieve the utmost contribution in wealth maximization and economic development further to the role of insurance as protection from the risks the institutions and individuals are exposed to while practicing investment or social activities which causes the Omani land safe environment for attracting investment initiatives and achieving global competition which would reflect directly on the performance of development projects.
CMA has been working to develop and update the laws, regulations and legislations of the capital market and insurance to prepare the regulatory environment and to assess its adequacy and its impact on the works and performance of the entities regulated by the CMA to play a tangible role in supporting the initiative that aim to expand the base of the private sector to be able to diversify the income and expand the investment further to providing the guarantees that enhance investors’ confidence which would contribute to attracting foreign capital and achieving national partnership with the community.
CMA would continue, in the coming year, according to 2020-2024 strategy, a number of projects and initiatives derived from and supporting the objects of Oman Vision as CMA’s strategy is based on four pillars as engine for our priorities, procedures and operations to build and expand the market namely, building confidence in the capital market and its institutions, enhancing the market as attractive environment for investors and individuals, integration between the market and the economic plans of the Government and its financing needs and making the market an engine for economic growth. Taking into consideration that the market would enable the capital market and insurance sector to take their roles and work according to integrated methodology with the banking sector so as the financial services can play a vital role in activating the movement of the national economy through employing innovative financing methods for economic projects and entrepreneurship according to modern regulatory and supervision systems beside the initiatives that contribute to developing the insurance industry to be able to furnish insurance coverage in accordance with the needs of individuals and institutions to ensure adequacy of regulation that provide protection for the rights of policyholders and the stakeholders especially in view of the expansion of the insurance sector with the Government’s direction to enforce compulsory health insurance for the employees of the private sector and the visitors.
On the other hand, we attach great attention to the role of the companies operating in the capital market and insurance sector to be able and prepared to accommodate national cadres from among the graduates of educational institutions for their diversified competitive features whether administrative or technical mainly in accounting and finance and other aspects that require high levels of skills, training and qualification. To this end, the CMA launched “Tamkeen” initiative which focus on empowering the national cadres working for the insurance sector and “Taheel” initiative which deals with qualifying the graduates of accounting and finance to take the roles of internal auditors. Both initiatives focus on qualifying the national cadres and enhancing their skills and acquaint them to be able to compete.
To conclude, I pray to Allah the Almighty for the success of our beloved country under the wise leadership of His Majesty Sultan Haitham bin Tariq may Allah protect him.