Muscat: Credit Oman, a key player in supporting Omani manufacturers and exporters, has reported robust growth in both local sales and exports for the first quarter of 2024.

Under the leadership of Sheikh Khalil bin Ahmed Al Harthy, CEO of Credit Oman, efforts have focused on expanding services to enhance sales volumes domestically and internationally through comprehensive insurance offerings.

During the first quarter of this year, Credit Oman insured export sales amounting to RO 57 million and 752 thousand, representing a 6.18% share of total insurable Omani non-oil exports. This marks an increase from RO 48 million and 312 thousand in the same period last year, underscoring the organization’s role in facilitating global market entry for Omani products.

The food and consumer goods sector saw a notable 32% growth in insured sales, totalling RO 57 million and 223 thousand, compared to RO 43 million and 329 thousand last year. Similarly, the petrochemicals and plastics sector experienced a remarkable surge of 134%, amounting to RO 11 million and 323 thousand. However, the mining and clothing sectors recorded decreased insured sales.

Sheikh Khalil highlighted that these achievements are attributed to the operationalization of major industrial projects, particularly in petrochemicals and plastics, alongside Oman’s strategic initiatives to maximize value from oil and gas resources. These efforts are integral to driving economic growth and aligning with government measures to enhance industrial capabilities and competitiveness.