Page 13 - ETIHAD CREDIT INSURANCE PR REPORT - OCTOBER 2024

Press Release

way that benefits economic growth on both sides. This MoU is also an extension of the solid
foundations of economic and trade relations between the two countries. We at the Saudi Exim and
(ECI) will certainly work together to strengthen the non-oil economy in a way that supports
diversity and sustainability and provides added value to enhance trade exchange between the Gulf
Cooperation Council countries and consolidate their position and international commercial
strength.”

Sheikh Khalil bin Ahmed Al-Harthy, CEO of Credit Oman, stated, “The latest MoU with
Etihad Credit Insurance demonstrates our commitment to strengthening regional cooperation in the
fields of insurance and risk management. The collaboration helps build trust in the export credit
system, allowing exporters from the Sultanate of Oman and UAE to access new markets and
enhance their competitiveness, as well as boost exports between the two countries.”

He added, “Along with that, the agreement creates new opportunities for businesses, especially in
the field of trade credit insurance. We believe that this step will help create a safe and flexible
investment environment, which in turn strengthens and promotes diversification of the economies
of the Gulf Cooperation Council (GCC) countries.”

According to statistics issued by the National Center for Statistics and Information, the United Arab
Emirates led trade exchange operations in non-oil exports by the end of July 2024, with a value of
approximately OMR 558 million, an increase of 14.9 per cent from the same period in 2023, which
was OMR 486 million. Al-Harthy stated that Credit Oman's total insured sales to the UAE in the
first half of this year amounted to OMR 41.1 million, with a growth rate of 8.8 per cent compared
to the same period last year, which stood at OMR 38.6 million. Building and construction materials,
valued at OMR 17.3 million, followed by the petrochemicals and plastics sector valued at OMR
12.6 million, and the food and consumer goods sector valued at OMR 6.7 million, became the top
three insured sectors.

The MoUs stipulate joint participation in conferences, meetings, and related activities, as well as
the organisation of seminars and workshops to highlight the advantages of trade protection
solutions against the risks of non-payment, with an emphasis on suggested solutions. They also
specify the submission of a report on market or country risks to highlight commercial risks
associated with international trade activities.

In line with the objectives and pillars of the ‘Saudi Vision 2030,’ which aims to raise the percentage
of non-oil exports to non-oil GDP, Saudi EXIM Bank offers competitively advantageous credit
solutions for export financing, guarantees, and export credit insurance. The bank's goal is to boost
Saudi Arabia’s non-oil exports and increase its competitiveness in global markets across various
sectors. By bridging financing gaps and lowering export risks, the bank aims to empower the Saudi
non-oil economy and enable its exports to reach global markets.

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