Private institutions such as Credit Oman play a central role in supporting Omani exports by providing insurance mechanisms, in line with the government's efforts to diversify income sources, expand industrial and service enterprises; and encourage the export of various goods abroad to achieve this national objective.
According to official data, the total insured sales through Credit Oman exceeded RO 296.6 million by the end of the third quarter of this year, compared to RO 272.8 million during the same period last year. Meanwhile, the institution’s annual report for last year showed that the total value of exported and insured sales reached around RO 376.4 million.
To further advance its services, Credit Oman continues to strengthen its efforts in promoting domestic trade in order to increase the volume of Omani exports in global markets by offering a comprehensive range of services and insurance solutions. It also plays an effective role in protecting businesses from commercial and non-commercial risks and enhancing their ability to access global markets — reflecting its commitment to supporting the national economy and boosting the competitiveness of Omani products.
Omani products enjoy a strong reputation in Gulf, Arab and international markets due to their high quality and adherence to international industrial standards. This requires domestic industrial companies and manufacturers to benefit from the services offered by Credit Oman to reinforce their competitive advantage in foreign markets, safeguard their commercial rights and increase their annual sales in local, regional and global markets.
This effort also requires raising awareness of the importance of insuring Omani exports through Credit Oman. Nearly 68% of Omani exporters still do not use government credit insurance to enhance non-oil national exports abroad, indicating a lack of awareness or trust in this area. Some exporters continue to rely on private online insurance companies despite the presence of a national institution dedicated to supporting industrial exports abroad and covering all risks associated with exporting and insuring local products. This suggests that many exporters are not fully benefitting from such services that aim to strengthen the operations of Omani industrial and service enterprises.
The institution’s work includes providing insurance services and consultations to Omani exporters, in addition to helping them find buyers worldwide — contributing to the wider global presence of Omani products.
The connection with Credit Oman has enabled Omani industrialists to successfully export their products to several countries including construction materials, petrochemical products, plastics and more. For this reason, the institution conducts workshops across various governorates and wilayats to introduce its role in supporting Omani exporters and industrialists; and to raise awareness regarding the importance of credit insurance.
Manufacturing today aims to provide national products that meet local market needs as well as export requirements in order to generate foreign currency. Economic diversification is essential and boosting non-oil Omani exports is of great importance to the authorities, forming a key pillar of the country's economic diversification strategy. Developing non-oil sectors can reduce Oman’s reliance on oil revenues to achieve sustainable economic growth. This calls for strengthening Omani exports in various ways, opening new opportunities for Omani companies to enter new markets and enhancing their international competitiveness.
Several relevant entities, including the Ministry of Commerce, Industry and Investment Promotion, are working towards this goal by supporting exporters through export policies and by promoting manufacturers.
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