From Transparency to Transformation: The Evolving IR Landscape in MENA

By Paolo Casamassima, CEO of MEIRA

In recent years, the Middle East’s capital markets have undergone a profound shift – one that is reshaping the way listed companies, investors, and regulators interact with each other. In my role as the CEO of the Middle East Investor Relations Association (MEIRA), I have witnessed this transformation unfold across the region, fuelled by economic diversification, the rise of private markets, regulatory reforms, and a growing emphasis on sustainability and transparency.

At the heart of this evolution lies a reimagined role for Investor Relations (IR) – no longer viewed solely as a communications function, but as a strategic lever for value creation, risk management, and capital mobilisation. With the 2025 MEIRA Annual Conference set to take place in Oman in just over two months, this is the perfect moment to examine the trends reshaping IR and capital formation in the region – and to consider what’s next.

A Strategic Shift in Capital Formation

The Middle East is no longer just a recipient of capital; it is a global allocator and co-architect of the future investment landscape. According to Preqin, nearly 80% of Middle Eastern institutional investors plan to increase allocations to private equity over the next 12 months, with nearly half already allocating more than 20% of their assets under management to this asset class.

This surge in appetite is not only driving capital inflows and global attention to regional markets, but also catalysed the emergence of new standards. Sovereign wealth funds (SWFs) and family offices are demanding greater transparency, performance-based fee structures, and access to direct and co-investment opportunities. In response, IR teams are now expected to go beyond quarterly numbers – articulating long-term strategy, ESG progress, and governance principles with clarity and purpose.

The New IR Mandate: Alignment, Agility, and Access

Today’s IR teams are expected to navigate a more complex stakeholder landscape. Regional and international investors are seeking direct engagement, increased disclosure, and real-time responsiveness. Digital-first investor meetings, dynamic reporting formats, and real-time analytics have become standard tools for effective IR. As international investors demand greater access and transparency, IR is evolving from a function to a force.

Across the Middle East, regulatory reforms, such as the introduction of unified reporting standards, ESG disclosure frameworks, and updated listing rules, are also elevating the IR role. In Oman, the Capital Market Authority’s proactive efforts to align with international best practices are creating a more transparent and investor-friendly environment, giving companies a platform to compete for capital on a global stage.

Spotlight on Oman: Building a Modern Investment Ecosystem

Oman is a compelling case study in the region’s evolution. With its Vision 2040 economic agenda, the Sultanate is rapidly transitioning from an oil-based economy to a diversified, innovation-driven marketplace. The country’s manufacturing sector alone attracted over OMR 2.48 billion (USD 6.45 billion) in foreign investment in 2024, marking an 8.6% year-on-year growth.

Digital initiatives, such as the “Invest in Oman” platform, have enhanced investor onboarding, while regulatory changes, ranging from reduced fees to enhanced intellectual property protection, have strengthened investor confidence. Oman’s IR professionals are now at the frontline of promoting these opportunities, supported by tools that allow them to communicate more effectively with international stakeholders.

Oman’s capital market ambitions are equally noteworthy. The Muscat Stock Exchange (MSX) has launched a series of structural initiatives to enhance transparency, deepen liquidity, and align with international regulatory standards. According to the Oxford Business Group, MSX is positioning itself for an upgrade to emerging market status, aiming to join the MSCI watchlist before the end of 2026. This forward-looking agenda not only supports the growth of Oman’s investment ecosystem but also signals to global investors that the country is ready to compete on a larger stage.

As the host nation of this year’s MEIRA Annual Conference, Oman is emblematic of how smaller markets can have a profound impact on capital markets transformation.

IR in Private Markets: A Quiet Revolution

While public markets remain central, the region’s IR agenda is also being shaped by developments in private markets. Co-investments, secondaries, continuation funds, and NAV-based lending are all changing how capital is deployed and how risk is managed. In 2024, global secondaries transaction volume reached USD 162 billion, with Middle Eastern LPs actively participating to unlock early liquidity and rebalance portfolios.

For IR, this means a shift in expectations: LPs want clarity on performance, liquidity, and alignment – not just results.

The Rise of ESG and Stakeholder Capitalism

Environmental, Social, and Governance (ESG) considerations have moved from the periphery to the core of investment decision-making. Across the GCC, including Oman, sustainability-linked disclosures and integrated reporting are becoming standard expectations for investors. IR professionals must now speak fluently about carbon intensity, social impact, and governance maturity.

This evolution is particularly evident in infrastructure and digital transformation projects. The Middle East’s SWFs are leading the charge in financing green data centres, AI capabilities, and renewable energy infrastructure. As such, investor communications must bridge both financial and non-financial performance.

Liquidity Challenges: Telling the Story Behind Thinly Traded Stocks

One of the most persistent challenges faced by IR professionals in the MENA region, particularly among small- to mid-cap players, is how to effectively communicate the equity story of companies with limited free-float and low trading volumes. Despite strong fundamentals or long-term growth potential, these companies often struggle to attract sufficient investor attention simply due to structural liquidity constraints. For IR teams, this creates a difficult balancing act: they must build trust, foster engagement, and articulate compelling value narratives in the absence of strong secondary market signals.

Limited liquidity can deter institutional investors who rely on exit optionality and daily price discovery as part of their investment mandates. This adds pressure on IROs to educate the market, promote peer benchmarking, and maintain proactive dialogue even when share price performance is disconnected from underlying business progress. Addressing these perception gaps requires creativity, consistency, and a long-term commitment to building investor confidence – especially in frontier and emerging market contexts such as Oman. It also underscores the need for policies that incentivise broader participation, such as improved market making, retail investor inclusion, and free-float expansion strategies.

Future Outlook: The MEIRA Perspective

As the investor relations (IR) landscape in the Middle East continues to mature, we are witnessing a pivotal shift in both expectations and execution. The traditional boundaries of the IR function are being redrawn, with professionals expected to act not only as communicators but as strategic advisors, data interpreters, and culture carriers. This transformation is driven by a more sophisticated investor base, increasingly diverse capital flows, and the need for companies to demonstrate long-term resilience in a rapidly changing global economy.

Looking ahead, we see five defining trends that will shape the future of investor relations across the region:

1.      Greater sophistication in investor targeting and segmentation

IR teams will increasingly use data-driven tools to understand investor behaviour, track sentiment, and personalise engagement. The days of one-size-fits-all investor outreach are numbered.

2.      More emphasis on integrated storytelling

Beyond financial performance, IR will be tasked with weaving together a coherent narrative that integrates strategy, ESG impact, risk outlook, and growth vision, resonating with global stakeholders.

3.      Adoption of global IR best practices

As capital markets deepen, alignment with international standards, particularly in terms of disclosure, governance, and investor access, will become increasingly critical for attracting long-term capital.

4.      A shift towards digital-first engagement

Virtual roadshows, AI-enabled analytics, and real-time reporting platforms will increasingly form the backbone of investor engagement, especially as hybrid and remote interactions become permanent features.

5.      An expanding IR remit

From managing reputational risk to shaping internal culture and aligning with policy frameworks, the IR role will evolve to include broader strategic and operational responsibilities within organisations.

These trends indicate a more proactive, data-driven, and strategy-focused future for IR. As a profession, we must be ready to step into this expanded mandate – one that bridges communication with corporate foresight, and performance with purpose.

Conclusion: Elevating Impact Together

The Middle East is not just keeping pace with global trends – it is helping to define them. At MEIRA, we believe IR is not merely about disclosure; it is about dialogue, trust, and the creation of long-term value.

As we gather in Muscat this September, our goal is to elevate impact by equipping IR professionals with the insights, tools, and networks needed to thrive in a rapidly changing landscape. With Oman’s dynamic trajectory as our backdrop, there is no better place or time to reimagine what investor relations can and should be.

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