Despite the market volatility throughout the Gulf Cooperation Council (GCC) region, the Muscat Securities Market (MSM) has experienced overall growth of 12% in 2006. In a report issued in August, Merrill Lynch named Oman as one of the top four most attractive markets in the Middle East and North Africa region. The other countries named in the report were Egypt, Bahrain and Kuwait. Neighboring markets in the Gulf slumped from record highs earlier last year. In Saudi Arabia, the downturn came after three years of growth. Ahmed Saleh al-Marhoon, the director general of the MSM, said that what happened this year was unprecedented in the region. The unrealistic index increases were bound to lead to a correction, which is what started happening in late February 2006. In Saudi Arabia, the Tadawul All Share Index grew almost eightfold between March 2003 and February 2006. By late November, the Tadawul was operating
