The volume of sales insured by Oman Credit has increased by about 33 percent compared to last year, amounting to more than 106 million Omani riyals

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Despite the consequences of the Coronavirus Disease (COVID-19) pandemic which affected the economies of the countries around the world, Credit Oman, managed to intensify its efforts during the period of the pandemic, to raise awareness among exporters and manufacturers about the importance of insurance and to stand by them to continue their work, which led to a 33% increase in the volume of insured sales in 2020 compared to 2019.

The total value of insured sales reached last year 106,131,395 Omani Riyals, compared to 82,656,528 Omani Riyals in 2019.

On another hand, the value of insured sales outside the Sultanate and covered by the export credit insurance policy amounted to 79,084,222 Omani Riyals, while the value of insured sales in the Sultanate and covered by the domestic credit insurance policy amounted to 27,047,172 Omani Riyals.

According to statistics, the value of approved credit ceilings reached 128,829,000 Omani Riyals in 2020, with a 10% growth compared to 117,266,000 Omani Riyals in 2019; with the value of approved credit ceilings for sales outside the Sultanate accounting for 93,854,000 Omani Riyals and the domestic credit ceilings accounting for 34,975,000 Omani Riyals.

Many diverse sectors were insured with Credit Oman, with the construction materials sector on top in terms of domestically and internationally insured sales with a value of 51,919,000 Omani Riyals, followed by the food and consumer goods sector with a total value of 37,041,000 Omani Riyals; petrochemicals sector with 4,047,000 Omani Riyals and then the fisheries, packing, agriculture and other sectors with varying values. On another hand, the number of buyers reached 7808 until the end of last year.

“We are working hard to promote and support Omani exports in line with the directives of His Majesty the Sultan, who approved an economic stimulation plan by enhancing the presence of Omani exports in global markets, and we are cooperating with all the concerned authorities to achieve the desired goals,” said Sheikh Khalil A. Al Harthy, CEO of Credit Oman, adding that: “we are expecting an increase of the number of the insured, due to the promising economic activity witnessed by the Sultanate. Oman Credit was found with the aim of creating more diversified economic opportunities by supporting various industries in the Sultanate through innovative insurance solutions.”