Page 62 - ETIHAD CREDIT INSURANCE PR REPORT - OCTOBER 2024

11/6/24, 11:23 AM PRESSR: Etihad Credit Insurance signs two MoUs with Saudi Exim Bank and Credit Oman — TradingView News
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

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