MUSCAT: Credit Oman, the leading credit insurance agency of the country, has reported an 18% uptick in insured sales for both domestic and export markets in the first quarter, with total sales reaching RO 104.069 million, up from RO 88.347 million during the same period last year.
Omani non-oil exports grew by 45% by the end of March 2024, reaching RO 2.33 billion compared to RO 1.61 billion in March 2023, as reported by the National Center for Statistics and Information. Credit Oman's insured export sales constituted 6.18% of these eligible non-oil exports, amounting to RO 57.752 million, an increase from RO 48.312 million in the previous year.
Shaikh Khalil bin Ahmed al Harthy, CEO of Credit Oman, remarked on this progress: "Our persistent efforts to support Omani manufacturers and exporters are paying off. By offering a variety of insurance services, we help them enhance their local and international sales, allowing them to navigate commercial and non-commercial risks confidently and enter global and non-traditional markets."
The food and consumer goods sector saw a 32% increase in insured sales, reaching RO 57.223 million, compared to RO 43.329 million last year. The petrochemicals and plastics sector experienced an impressive 134% growth, with sales totaling RO 11.323 million. Al Harthy attributed this growth to substantial projects initiated in recent years within these sectors, in line with Oman's strategy to leverage its oil and gas resources for high-value economic contributions.
Despite the overall positive trend, the mining and textile industries sectors saw a decline in insured sales in the first quarter. However, Al Harthy emphasized that these results underscore the broader development and growth within the Omani economy, driven by ongoing governmental reforms and enhancements. — ONA
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