HCM

What HCM does

Horizons Capital Markets S.A.O.C (HCM) is a privately held Omani investment intermediary founded in approximately 2008 and headquartered in Al Khuwair, Muscat. It operates as a knowledge-driven broker and asset manager serving individual, institutional, and Shariah-compliant investors across the Muscat Stock Exchange, GCC, US, and European markets. The firm is founder-led, with Hassan Ahmed Mohsin as CEO and Mohamed Jaffer as Executive Director, supported by a lean leadership team of approximately five senior professionals whose prior tenures span Vision Investment Services, Fincorp, Bank Dhofar, EFG Hermes, and the Diwan of Royal Court Pension Fund.

HCM's offering is delivered through two parallel trading surfaces — Horizons GTN for US, GCC, and other international markets, and HCMMSX for the Muscat Stock Exchange — each available as iOS and Android mobile apps and matching web platforms, with KYC and account management handled through an online client portal. On top of this brokerage infrastructure sits an asset and wealth management stack comprising two open-ended mutual funds (Horizons Premier Fund launched in 2018, and the Al Fajr Islamic Mutual Fund launched in 2024 with a fully subscribed IPO), discretionary portfolio management, personalized advisory, and a third-party private equity fund focused on emerging Omani enterprises. Shariah governance for the Islamic fund is managed through Shariyah Review Bureau, with an independent Sharia Supervisory Committee in place.

The business model combines transaction-based brokerage commissions on multi-market execution with recurring fees from advisory mandates, discretionary portfolio management, and fund management. Pricing is quote-based rather than publicly disclosed. Go-to-market is sales-led, supported by multi-channel digital distribution across corporate web, mobile apps, WhatsApp support, and social platforms (LinkedIn, Instagram, X). The firm claims 16+ years of experience, a 15,000+ client base, and access to 50+ markets, though it operates with a very small disclosed headcount of 1-10, indicating a high-leverage model that relies heavily on technology and senior relationships rather than large-scale staffing.

Name

HCM

Legal name

Horizons Capital Markets S.A.O.C

Website

https://hcmoman.com

Company type

Private

Founded year

2008

Operating status

Operating

Headcount range

1–10 employees

Short description

Horizons Capital Markets (HCM) is an Omani investment intermediary offering brokerage, advisory, discretionary portfolio management, and fund management across MSX, GCC, US, and European markets, serving 15,000+ retail, institutional, and Shariah-compliant investors through mobile and web trading platforms and two in-house mutual funds.

Ownership category

akta.pro rank

Product category

Retail Brokerage and Wealth Management

NAICS

Securities and Commodity Contracts Intermediation and Brokerage (5231), Portfolio Management and Investment Advice (523940), Open-End Investment Funds (525910)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Investment Advice (6282)

akta.pro primary industry

Institutional Multi-Asset Trading Platforms (OTC/RFQ) (FSAFAEAB)

Keywords

• Brokerage services
• Portfolio management
• Mutual fund management
• Investment advisory
• Online trading platforms

Headquarters

HQ city

Muscat

HQ country

Oman

HQ region

Middle East

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Brokerage Services: Commission-based brokerage services for buying/selling securities in Oman (MSX), GCC region, and international markets (US & Europe). Revenue generated through transaction fees on executed trades.
2. Discretionary Portfolio Management: Professional management of client investment portfolios with full discretion to make timely adjustments based on market dynamics. Revenue generated through management fees.
3. Personalized Portfolio Advisory Services: Tailored investment strategies aligned with individual objectives. Revenue through advisory fees.
4. Fund Management: Management of Horizons Premier Fund (HPF) and Al Fajr Fund (Shariah compliant). Also manages third-party private equity investment fund focusing on emerging enterprises in Oman. Revenue through fund management fees.

Go-to-market motion1 record

Distribution channels5 records

Marketing channels6 records

Core offering

Horizons Capital Markets (HCM) is an Omani investment intermediary that provides brokerage execution across Oman (MSX), GCC, US and European markets, alongside discretionary and personalized portfolio advisory, fund management of its own mutual funds (Horizons Premier Fund and Al Fajr Fund), and investment research. Customers transact through integrated FinTech trading platforms — the Horizons GTN mobile/web platform for international markets and the HCMMSX mobile/web platform for the Muscat Stock Exchange — accessible after onboarding via the tradehcm.com KYC portal.

Product overview

HCM operates as a financial services firm offering a unified platform of investment products and services. The core offering consists of two mobile trading applications: Horizons Capital Markets GTN for accessing US, GCC and international stock markets, and HCMMSX for Muscat Stock Exchange trading. Complementing the trading infrastructure are two investment funds—the Horizons Premier Fund (HPF), an open-ended fund established in 2018, and the Al Fajr Fund, a Shariah-compliant open-ended fund. The company further provides advisory, discretionary portfolio management, and fund management services, supported by an in-house research team. A client-facing web portal handles account opening and KYC processes. The portfolio spans brokerage execution, wealth management, and fund administration across Omani, GCC, and international markets.

Differentiator

Problem solved

Functional benefit

Brands

• Horizons Premier Fund (HPF): Open-ended mutual fund established in 2018 with mandate to invest in high-yielding assets in GCC and International markets, targeting above-average returns through price appreciation and dividend income.
• AL FAJR Fund
• HCMMSX
• Horizons Capital Markets GTN

Products and services

• Horizons Capital Markets GTN Mobile Trading App Mobile trading application for iOS and Android providing access to US, GCC and other international stock markets, enabling users to manage accounts and execute trades across multiple international markets from a mobile device.
• HCMMSX Mobile Trading App Mobile trading application for iOS and Android enabling users to trade and manage their portfolios on the Muscat Stock Exchange (MSX) from a mobile device.
• Horizons Premier Fund (HPF) Open-ended mutual fund established in 2018 that invests in high-yielding assets across GCC and international markets with the objective of delivering above-average returns through price appreciation and dividend income; targeted at investors seeking high-yielding assets in GCC and international markets.
• Al Fajr Fund Open-ended, Shariah-compliant Islamic mutual fund providing long-term capital growth and dividend income by investing in a diversified portfolio of GCC and international securities under Islamic investment guidelines; aimed at investors seeking ethical and Shariah-compliant exposure.
• Brokerage Services Comprehensive brokerage services covering Oman (MSX), GCC region and international markets (US & Europe), executed through integrated FinTech trading systems for listed equities, bonds and private equity investments; offered to individual and institutional clients seeking multi-market execution.
• Personalized Portfolio Advisory Services Tailored investment advisory services in which professionals craft personalized investment strategies based on individual goals and risk tolerance, supported by a dedicated research team; aimed at individual and HNW investors seeking customized strategy advice rather than full delegation.
• Discretionary Portfolio Management Portfolio management service in which experienced experts craft and manage investment portfolios on behalf of clients with full discretion to make timely adjustments based on market dynamics while acting in the client's best interests; provided to clients who delegate investment decisions to the firm.
• Fund Management Professional management of investment funds including asset allocation, security selection and risk management; currently encompasses the management of HPF, Al Fajr Fund and a third-party private equity fund focusing on emerging enterprises in Oman.
• Research Investment research services delivering comprehensive analyses using cutting-edge methodologies and data analytics, providing actionable insights across diverse sectors and markets including event updates, technical calls, market briefs and dividend monitors; supports both HCM advisory mandates and external subscribers.
• Online Client Portal Client-facing web portal for account opening, KYC updation and account management, with document upload capabilities for identity verification; available for both new and existing clients.

Quantifiable outcome

• Horizons Premier Fund (HPF) has been delivering worthy returns to investors even during toughest market years since inception in 2018

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Two partnerships are on record, tiered core.

• Shariyah Review Bureau (SRB)coreStrategic or Co-development Partner · 1 January 2004SRB acts as coordinator and manager of Sharia governance for Horizons Capital Markets' Al Fajr Fund. SRB supports the independent Sharia Supervisory Committee by ensuring Sharia governance, supervision, secretariat, and audit processes are consistently applied. Founded in Saudi Arabia in 2004, SRB has 45+ scholars across 20 countries and is regulated by Central Bank of Bahrain.
• Muscat Stock Exchange (MSX)coreOthersHorizons Capital Markets operates as a licensed brokerage providing access to Muscat Stock Exchange. HCM is bound to MSX Rules, Regulations, and by-laws. Trading applications handle data related to MSX exchange.

Scale indicators4 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Derayah Financial Company: Saudi investment platform offering brokerage, asset management, and mutual funds with digital trading apps. Comparable to HCM as a digitally-enabled GCC broker with mobile/web trading platforms serving retail investors across multiple markets.
• Interactive Brokers: Global multi-asset broker offering execution access to 150+ markets including US, Europe, and GCC. Comparable to HCM in international market access and FinTech-led brokerage, but at vastly larger scale and with no Omani MSX specialization or Shariah-compliant funds.
• Al Rajhi Capital: Large Saudi GCC brokerage and asset manager offering multi-market execution, mutual funds, and discretionary portfolio management. Comparable to HCM in product breadth but vastly larger in AUM and headcount, competing for GCC retail wealth flows.
• EFG Hermes Holding: Leading regional investment bank with brokerage, asset management, and research across MENA. EFG Hermes previously operated in Oman (where HCM's Research Manager Harikumar Varma worked), and competes with HCM for institutional GCC brokerage and asset management mandates.

Direct peers

• National Securities Company (Oman): Omani MSX-licensed brokerage firm offering equity trading, asset management, and advisory services. Hamed Al Salti, HCM's Broker Manager, previously worked at National Securities, illustrating direct flow of talent and competitive overlap in the Omani brokerage market.
• Gulf Baader Capital Markets: Oman-headquartered investment bank and brokerage offering equities brokerage, asset management, and research across GCC markets. Directly comparable to HCM as a Muscat-based full-service broker with overlapping product set including mutual funds and discretionary mandates.
• Ubhar Capital: Omani full-service brokerage and asset manager providing MSX brokerage, investment advisory, and fund management. Closest direct competitor to HCM in the Omani retail and institutional brokerage segment.
• United Securities LLC (Oman): Omani brokerage and asset management firm with MSX membership, portfolio management, and research services. Comparable to HCM as a domestic multi-service investment intermediary targeting Omani individual and institutional clients.

Emerging players

• Sarwa Capital (now part of Binance): UAE-headquartered digital investment platform offering brokerage, advisory, and managed portfolios across GCC and US markets. Comparable to HCM as a younger regional digital broker pursuing similar retail investor segments with technology-led platforms.

Others

• Shariyah Review Bureau (SRB): Shariah governance and advisory firm based in Bahrain coordinating Sharia supervision for Islamic funds globally. Listed here as an ecosystem partner rather than competitor; SRB is HCM's Sharia governance partner for Al Fajr Fund, illustrating the broader Islamic finance infrastructure that HCM operates within.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/horizonscapital
• LinkedInlinkedin.com/company/horizons-capital-markets
• Instagraminstagram.com/horizons.capital?igsh=cXVlY3F4N3NmNWYy

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about HCM