Muscat – This is a significant increase compared to the RO 128,400 paid in 2023. The compensation efforts are part of Credit Oman’s commitment to supporting local exporters and sellers, ensuring their rights and enabling them to continue their commercial activities.

Majority of the compensations were made for local sales within the Sultanate of Oman, totalling RO 212,200. Meanwhile, compensation for exports to international buyers amounted to RO 95,200.

Ahmed bin Khalfan Al Balushi, Senior Manager of Claims and Recoveries at Credit Oman, highlighted the institution’s dedication to assisting Omani exporters and local sellers. He emphasized that Credit Oman is committed to meeting the needs of various economic sectors, contributing to the growth of Omani non-oil exports and diversifying sources of income for the country.

The compensations covered a range of sectors, with the building materials and construction sector receiving the highest amount—RO 173,700 for 7 claims. The food and consumer goods sector followed, with compensations totalling RO 81,500 for 31 claims. The petrochemicals sector received RO 29,500 in compensation, while the fabrics and supplies sector was paid RO 22,300.

Ahmed Al Balushi explained that these compensations resulted from buyers’ defaults and their failure to pay, both within Oman and internationally. Accordingly, Credit Oman provided its integrated insurance services to exporters through new programs that suit the changing needs of the market, so as to build a stable business environment and enhance growth and expansion opportunities for Omani exporters.