Islamic Corporation For The Insurance Of Investment And Export Credit (ICIEC) Issues USD 40 Million Insurance Policy To Support Dredging & Development Of SOHAR Port And Freezone

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) ( ), a Shariah-based multilateral insurer and member of the Islamic Development Bank (IsDB) Group, announced -on the sidelines of the IsDB Group Annual Meeting 2025 in Algiers-the signing of a Specific Transaction Policy (STP) for Royal Boskalis (Boskalis), valued at USD 40 million.

The agreement, signed by Dr. Khalid Khalafalla, CEO of ICIEC, underpins a project critical to expanding Oman's logistics capacity. By deepening navigation channels and enhancing jetty infrastructure these strategic developments will significantly increase SOHAR Port's throughput capacity, attract high-value industrial investments, and solidify the Sultanate's role as a leading regional maritime hub - all in alignment with Oman Logistics Strategy 2040. Moreover, this will pave the way for a major energy milestone: the launch of the Middle East's first LNG bunkering project, MARSA LNG, a joint venture between TotalEnergies and OQEP, positioning Oman at the forefront of clean maritime fuel.

Dr. Khalid Khalafalla, CEO of ICIEC, remarked:“By supporting Boskalis' participation in the SOHAR Port and Freezone South Expansion Project, we are helping to secure the delivery of a project that will fortify Oman's gateway to world trade, generate skilled employment and promote sustainable, diversified growth. ICIEC's mission is to back the infrastructure that opens new trade corridors, deepens connectivity and broadens economic opportunity across our member states.”

Distributed by APO Group on behalf of Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).

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  Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) Issues USD 40 Million Insurance Policy to Support Dredging & Development of SOHAR Port and Freezone

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About The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC):
ICIEC commenced operations in 1994 to strengthen economic relations between OIC Member States and promote intra-OIC trade and investments by providing risk mitigation tools and financial solutions. The Corporation is uniquely the only Islamic multilateral insurer in the world. It has led from the front to deliver a comprehensive suite of solutions to companies and parties in its 50 Member States. ICIEC, for the 17th consecutive year, maintained an "Aa3" insurance financial strength credit rating from Moody's, ranking the Corporation among the top of the Credit and Political Risk Insurance (CPRI) Industry. Additionally, ICIEC has been assigned a First-Time“AA-“ long-term Issuer Credit Rating by S&P with Stable Outlook. ICIEC's resilience is underpinned by its sound underwriting, reinsurance, and risk management policies. Cumulatively, ICIEC has insured more than USD 121 billion in trade and investment. ICIEC activities are directed to several sectors - energy, manufacturing, infrastructure, healthcare, and agriculture.

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