Goods worth RO 356 million covered by credit insurance in 2023

MUSCAT, AUGUST 11

Credit Oman, wholly government-owned trade credit insurance provider, is forging ahead in its efforts to enhance Omani exports and domestic trade through its insurance services provided to customers in the various governorates and wilayats of the Sultanate of Oman.

Credit Oman's statistics showed that Muscat Governorate topped the total value of insured sales for exports and domestic [sales] for the beneficiaries of its services in the governorate, with a total value of RO 140 million by the end of the last year. Credit limits granted to the insured reached RO 100.952 million, with as many as 52 firms benefitting from its services.

North Al-Batinah Governorate came in second place, with the RO 135.024 million worth of insured goods, and credit limits reaching RO 70.864 million. A total of 17 firms benefited from the service.

This growth is also attributed to the opening of the Credit Oman office in the governorate in cooperation with the Oman Chamber of Commerce and Industry. The choice of North Al-Batinah Governorate was due to it being one of the promising economic regions in the country, especially with the presence of the Sohar Industrial City and Sohar Port, which are witnessing a large volume of investments.

The office and its employees contribute to closer communication with investors and manufacturers, and providing insurance solutions that meet their needs and support their growth and development.

In Dhofar Governorate, the value of insured sales reached RO 43.039 million, while the value of the granted credit limits reached RO 16.975 million.

Significantly, the total value of insured sales for exports and domestic [sales] by the end of 2023 amounted to RO 356.690 million. Credit Oman works to strengthen the Omani economy through the insurance services it provides to manufacturers and exporters, which help them reduce commercial and non-commercial risks, sell with full confidence and safety, and enter promising and different markets around the world.