Muscat: Credit Oman has reported an 18 percent growth in local sales and exports reaching OMR104.69 million during the first quarter of this year compared to OMR88.34 million secured during the same period last year.

Sheikh Khalil bin Ahmed Al Harthy, CEO of Credit Oman, stressed that the company is continuing its efforts to provide services to Omani manufacturers and exporters to increase their sales volume both locally and globally by providing a series of insurance services that will contribute to increase sales of Omani products both domestically and in international markets.

He said that Credit Oman insured non-oil exports increased by 6.18 percent to OMR57.75 million in the first quarter of this year compared to OMR48.31 million in the first quarter of 2023.

He further said the food and consumer goods sector witnessed a growth of 32 percent in insured sales at OMR57.22 million during the first quarter of 2024 compared to OMR43.32 million in the same period last year.
Also, the petrochemicals and plastics sector witnessed a huge growth in sales volume by 134 percent, with a total value of OMR11.32 million. However, the value of insured sales for the mining and clothing industries sectors at Credit Oman decreased.

Sheikh Khalil further highlighted that all these achievements were attributed to the operationalisation of major industrial projects, particularly in petrochemicals and plastics, alongside Oman’s strategic initiatives to maximise 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, he further added.

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