Credit Oman provided OMR307,000 compensation to exporters, local traders in 2024
Muscat: Credit Oman continues to boost its efforts to support the national economy and enhance the competitiveness of Omani exporters in local and international markets through comprehensive insurance services.
As part of its ongoing commitment to stand by exporters and local sellers while ensuring the sustainability of businesses community, Credit Oman indemnified several policyholders in 2024 with a total payout exceeding OMR307,000 against 40 claims distributed across various sectors such as construction and building materials sector, foods and consumer goods, petrochemicals textiles related products.
This represents a substantial increase compared to the same period in 2023, when the total compensation amounted to OMR128,400. This significant rise in payouts underscores Credit Oman's dedication to mitigating risks for businesses and fostering a more resilient economic
These compensations reflect Credit Oman's commitments to safeguarding the insured clients interests and enhancing their confidence in the market. Furthermore, Credit Oman is actively working on creating innovative programs tailored to the evolving needs of the market amidst regional and global challenges. This proactive approach helps foster a stable business environment and supports growth opportunities for Omani exporters.
Ahmed Khalfan Al Balushi, Senior Manager of Claims and Recoveries at Credit Oman, stated: 'We are committed to providing the necessary support to Omani exporters and local sellers to ensure their rights and empower them to conduct business with confidence and security. Credit Oman seeks to meet the needs of various economic sectors, contributing to the promotion of non-oil Omani exports and the diversification of income sources. In 2024, we successfully settled 40 claims, demonstrating our commitment to supporting our insured clients across different economic sectors. We are working diligently to enhance the competitiveness of exporters, and these figures are a positive indicator of the success of our strategy."
Al Balushi added, 'These compensations were due to payment defaults and delays by buyers both within and outside Oman. This underscores our active role in supporting the Omani economy and strengthening international trade relations. We believe in the importance of partnership with exporters and remain committed to providing services that meet their needs.'
Al Balushi also emphasised that among Credit Oman's key achievements are the numerous success stories of Omani exporters who have greatly benefited from the company's support. By offering technical and legal guidance on export contracts, Credit Oman has enabled exporters to mitigate potential risks and ensured the smooth and professional execution of their agreements.
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