Credit Oman has reported a significant 18 percent growth in local sales and exports, reaching OMR104.69 million during the first quarter of this year. This marks a substantial increase from the OMR88.34 million secured during the same period last year. Sheikh Khalil bin Ahmed Al Harthy, the CEO of Credit Oman, emphasized the company’s commitment to providing services to Omani manufacturers and exporters to help them increase their sales both domestically and globally. By offering a range of insurance services, Credit Oman aims to boost sales of Omani products in both local and international markets.
The insurance services provided by Credit Oman have had a positive impact on non-oil exports, which saw a growth of 6.18 percent to OMR57.75 million in the first quarter of this year, up from OMR48.31 million in the first quarter of 2023. In particular, the food and consumer goods sector experienced a significant growth of 32 percent in insured sales, reaching OMR57.22 million in the first quarter of 2024 compared to OMR43.32 million in the same period last year. The petrochemicals and plastics sector also saw a substantial increase in sales volume by 134 percent, totaling OMR11.32 million. However, the value of insured sales for the mining and clothing industries sectors at Credit Oman decreased.
Sheikh Khalil highlighted that these achievements were largely due to the operationalization of major industrial projects, especially in the petrochemicals and plastics sector, in addition to Oman’s strategic initiatives to maximize value from oil and gas resources. These efforts are crucial in driving economic growth and aligning with government measures to enhance industrial capabilities and competitiveness. Credit Oman’s focus on supporting local manufacturers and exporters through insurance services is a key factor in driving growth and increasing sales of Omani products both locally and internationally.
The growth in local sales and exports reported by Credit Oman reflects the company’s dedication to supporting Omani manufacturers and exporters in expanding their businesses. By offering insurance services that protect against risks associated with trading internationally, Credit Oman is enabling local industries to increase their sales volume and competitiveness. This has resulted in a significant increase in non-oil exports, particularly in the food and consumer goods sector, which saw a substantial growth of 32 percent in insured sales. The petrochemicals and plastics sector also experienced a significant increase in sales volume, demonstrating the positive impact of Credit Oman’s services on various industries in Oman.
Sheikh Khalil emphasized the importance of these achievements in driving economic growth and supporting Oman’s strategic initiatives to maximize value from its oil and gas resources. By providing insurance services tailored to the needs of local manufacturers and exporters, Credit Oman is playing a crucial role in facilitating trade and increasing sales of Omani products both domestically and internationally. The company’s focus on supporting key sectors such as petrochemicals and plastics has been instrumental in driving growth and enhancing Oman’s industrial capabilities and competitiveness. This underscores Credit Oman’s commitment to fostering economic development and supporting the growth of local industries through innovative insurance solutions.
In conclusion, Credit Oman’s reported growth in local sales and exports is a testament to the company’s efforts in providing essential insurance services to support Omani manufacturers and exporters. By offering a range of insurance products tailored to the needs of local industries, Credit Oman has helped boost sales volume and increase competitiveness both locally and globally. The significant growth in non-oil exports, particularly in sectors such as food, consumer goods, and petrochemicals, highlights the positive impact of Credit Oman’s services on Oman’s economy. Moving forward, Credit Oman’s continued support for local industries and strategic initiatives will be crucial in driving economic growth and enhancing Oman’s industrial capabilities and competitiveness in the global market.
