Muscat: Credit Oman is intensifying its initiatives to bolster the national economy and improve the competitiveness of Omani exporters in both local and international markets through a range of comprehensive insurance services.
In line with its steadfast commitment to support exporters and local businesses while promoting sustainability within the business community, Credit Oman provided indemnities to several policyholders in 2024, with total payouts surpassing OMR307,000 across 40 claims in diverse sectors, including construction and building materials, food and consumer goods, petrochemicals, and textiles.
This marks a significant increase from the previous year, 2023, when total compensation was recorded at OMR128,400. The notable rise in payouts highlights Credit Oman's commitment to risk mitigation for businesses and the promotion of a more resilient economy.
These compensations demonstrate Credit Oman’s dedication to protecting the interests of its insured clients and boosting their confidence in the marketplace. Additionally, Credit Oman is actively developing innovative programs designed to meet the changing demands of the market in light of regional and global challenges. This forward-thinking strategy contributes to a stable business environment and creates growth opportunities for Omani exporters.
Ahmed Khalfan Al Balushi, Senior Manager of Claims and Recoveries at Credit Oman, expressed the organization's dedication to supporting Omani exporters and local sellers, ensuring their rights are upheld and empowering them to operate with confidence and security. Credit Oman aims to address the needs of various economic sectors, thereby promoting non-oil Omani exports and diversifying income sources. In 2024, the company successfully resolved 40 claims, reflecting its commitment to assisting insured clients across different sectors. The organization is actively working to boost the competitiveness of exporters, and these results serve as a positive testament to the effectiveness of its strategy.
Al Balushi further noted that these compensations were a result of payment defaults and delays from buyers both domestically and internationally. This highlights Credit Oman's proactive role in bolstering the Omani economy and enhancing international trade relations. The organization values partnerships with exporters and remains dedicated to delivering services tailored to their requirements.
Additionally, Al Balushi highlighted that one of Credit Oman’s significant achievements is the numerous success stories of Omani exporters who have greatly benefited from the company's assistance. By providing technical and legal guidance on export contracts, Credit Oman has helped exporters mitigate potential risks and ensured the effective and professional execution of their agreements.
