Credit Oman continues its efforts to boost country's economic development

Muscat: Credit Oman recorded a growth of 148 percent in the volume of insured sales for Omani exports and domestic sales for the year 2022 compared to 2021.

The total value of insured sales for the year 2022 amounted to OMR333,289,781 compared to 2021, which amounted to OMR133,600,323.

In addition, insured domestic sales within the Sultanate of Oman recorded a value of OMR145,468,984, a growth of 171 percent, compared to 2021, when the value of insured sales amounted to OMR35,642,573.

Insured sales of exports from the Sultanate of Oman to the world recorded a remarkable increase of percent last year, with a total value of OMR187,820,797 compared to 2021, when it amounted to OMR79,957,750.

The insured sectors in Credit Oman varied among the consumer food sectors, which topped the value of insured sales during the year 2022, with a total value of OMR158,570,770.

While the value of insured sales in the construction and building materials sector amounted to OMR125,427, 877, in addition to the growth of the petrochemical and plastic sectors, agriculture, mining and packaging.

The number of buyers for the year 2022 in Credit Oman reached 2,855 local and international buyers, as the number of local buyers in the Sultanate of Oman reached 2063, while the number of buyers around the world reached 792.

These results came in line with the royal directives of His Majesty Sultan Haitham bin Tarik to enable Omani exports, and the facilities to attract investments and foreign capital, as well as in line with the directives of the tenth five-year development plan (2021-2025), which represents the first executive plan for the vision of "Oman 2040. It focuses on priority goals concerned with stimulating economic activity and developing the macroeconomic environment by putting in place appropriate mechanisms and procedures to ensure the speedy return of economic activities, and ensuring the achievement of accelerated economic growth rates.

Credit Oman continues its efforts to advance economic development through its insurance services that help manufacturers and business owners sell their products and increase their sales volume without worrying about non-payment by the buyer.

It also provides consultations, advice and guidance to Omani manufacturers to enter promising markets in various countries of the world, through the creditworthiness of the buyer and the exporting country and the mechanisms used for that.

Credit Oman also pays great attention to the owners of small and medium enterprises due to their vital role, and being one of the drivers of the national economy by providing facilities to the owners of small and medium enterprises through its services and integrated insurance solutions.