Page 50 - ETIHAD CREDIT INSURANCE PR REPORT - OCTOBER 2024

11/6/24, 11:20 AM Etihad Credit Insurance signs two MoUs with Saudi Exim Bank and Credit Oman - Middle East News 247
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.

Since its establishment, ‘Credit Oman’ has played a pivotal role in facilitating domestic and export trade,

supporting economic development efforts in the Sultanate of Oman in line with the Oman Vision 2040. It also
provides comprehensive insurance solutions that empower Omani exporters and manufacturers to sell their

products with confidence and security, thereby enhancing the competitiveness of Omani products in both
local and global markets.

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