Muscat
“Credit Oman” confirmed that the value of compensations it paid during the year 2024 to a number of policyholders exceeded 307,000 Omani Rials for 40 claims, compared to 128.4 thousand Omani Rials in 2023. This is part of its efforts to support local exporters and sellers and ensure their rights to continue their business activities.
It pointed out that compensations for local sales within the Sultanate of Oman accounted for the highest value, reaching 212.2 thousand Omani Rials, while the value of compensations for exports to buyers outside the Sultanate of Oman amounted to 95.2 thousand Omani Rials.
Ahmed bin Khalfan Al-Balushi, Senior Manager of Claims and Recoveries at “Credit Oman,” emphasized the institution’s commitment to providing the necessary support to Omani exporters and local sellers to ensure their rights. He noted that “Credit Oman” aims to meet the needs of various economic sectors, contributing to the enhancement of non-oil Omani exports and diversifying sources of income.
He stated that the compensations for 40 claims covered several sectors, with the construction and building materials sector leading the total compensations at 173.7 thousand Omani Rials for 7 claims. Meanwhile, the value of compensations in the food and consumer goods sector reached 81.5 thousand Omani Rials across 31 claims, and in the petrochemical sector, the value of compensations amounted to 29.5 thousand Omani Rials. Additionally, compensations of 22.3 thousand Omani Rials were paid in the textiles and related supplies sector.
Ahmed bin Khalfan Al-Balushi clarified that the compensations were due to buyers defaulting and failing to pay, both within and outside the Sultanate of Oman. Consequently, “Credit Oman” provided its comprehensive insurance services to exporters through new programs tailored to meet the changing market needs amid the current conditions in the region and the world, contributing to building a stable business environment and enhancing growth and expansion opportunities for Omani exporters.
