Islamic Corporation for the Insurance of Investment and Export Credit Issues $40 Million Insurance Policy for SOHAR Port and Freezone Development

Strategic Insights -

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) has issued a $40 million insurance policy to support the dredging and development of SOHAR Port and Freezone in Oman. This strategic project will increase the port's throughput capacity, attract high-value industrial investments, and solidify Oman's role as a leading regional maritime hub. The project is aligned with Oman's Logistics Strategy 2040 and will pave the way for the launch of the Middle East's first LNG bunkering project, MARSA LNG.

Key Takeaways:

  • ICIEC has issued a $40 million insurance policy to support the SOHAR Port and Freezone development project.
  • The project aims to increase the port's throughput capacity, attract high-value industrial investments, and solidify Oman's role as a leading regional maritime hub.
  • The project is aligned with Oman's Logistics Strategy 2040 and will enhance the country's gateway to world trade.
  • The ICIEC's mission is to back the infrastructure that opens new trade corridors, deepens connectivity, and broadens economic opportunity across its member states.
  • ICIEC has insured more than $121 billion in trade and investment since its inception in 1994.
  • ICIEC has a comprehensive suite of solutions for companies and parties in its 50 member states, including Shariah-based financing options.
  • ICIEC has a strong financial rating, with an "Aa3" insurance financial strength credit rating from Moody's for the 17th consecutive year.

Statistics:

  • $40 million: the value of the insurance policy issued by ICIEC for the SOHAR Port and Freezone development project.
  • $121 billion: the cumulative value of trade and investment insured by ICIEC since its inception in 1994.
  • 17 years: the consecutive year ICIEC maintained an "Aa3" insurance financial strength credit rating from Moody's.
  • 50 member states: the number of countries that ICIEC provides risk mitigation tools and financial solutions to.
  • 1994: the year ICIEC commenced operations to strengthen economic relations between OIC Member States.

Sources:

  • M2 Communications (May 23, 2025) - "Islamic Corporation for the Insurance of Investment and Export Credit Issues USD 40 Million Insurance Policy to Support Dredging & Development of SOHAR Port and Freezone"
  • Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) (2025) - Annual Report
  • Moody's (2025) - ICIEC rating report
  • S&P (2025) - ICIEC rating report