Bupa Arabia No. 1 in public disclosure & transparency

Bupa Arabia provides innovative health care services through its Tebtom program and ensures an exceptional hospital experience through its Rahatkom program.
Updated 11 February 2019

Bupa Arabia No. 1 in public disclosure & transparency

Bupa Arabia for Cooperative Insurance ranked No.1 in the “public disclosure and transparency” category of the Corporate Governance Index (CGI) rating for publicly listed companies.
The Corporate Governance Center (CGC) at the College of Business of Alfaisal University issues an annual report which includes the CGI rating based on sound corporate governance principles set by the CMA, the Saudi Arabian Monetary Authority (SAMA) and the Organization for Economic Cooperation and Development (OECD).
The most recent report, the second annual ratings, covering the 2016 fiscal year, ranked Bupa Arabia first under the public disclosure and transparency category.
“Bupa Arabia ensures robust public disclosure and transparency, in both Arabic and English, through a variety of platforms, including its website, annual reports, Tadawul announcements and others,” said Chief Risk Officer of Bupa Arabia Ali F. Hamdan.
“Good governance is essential for publicly listed Saudi companies in the increasingly competitive global market, and public disclosure and transparency is one of the most important principles of corporate governance,” he added.
Public disclosure and transparency are essential elements of a robust corporate governance framework as they provide the base for informed decision-making by shareholders, stakeholders and potential investors in relation to capital allocation, corporate transactions and financial performance monitoring. The importance of transparency has been widely recognized by both academics and market regulators, resulting in numerous rules and regulations being introduced by the Capital Markets Authority (CMA) to ensure timely and reliable disclosure of financial information, creating the standards and procedures for corporate governance of companies listed on the Saudi stock exchange (Tadawul) so as to strengthen their standing in the international market.
Today, the CMA’s initiative to enhance public disclosure and transparency is taking on a new meaning resulting in more comprehensive and proactive disclosures instead of the release of corporate governance details or policies in a “reactive” fashion. The newly adopted concept of transparency putting more responsibility on the listed companies not only allows the truth to be available for the public but also imposes its disclosure to every stakeholder.
Transparency and strong corporate governance are needed in both domestic and international transactions and at all phases of investment. With the CMA’s new rules and regulations, companies have no choice but to push for good, transparent data availability. Rapid transparent data is becoming integral to the establishment of a reduced risk investment environment.
Saudi Arabia plans to uplift corporate governance and transparency practices as it plays a crucial role in reducing investor risk and increasing investment flows, especially after the CMA declared in April that deeper corporate governance reforms are required in line with global governance standards.

Bahri’s maritime solutions on show

Updated 20 February 2019

Bahri’s maritime solutions on show

Saudi shipping company Bahri is demonstrating its commitment to advancing the growth of maritime industry and improving security in the logistics business at the International Defense Exhibition (IDEX) and Naval Defense and Maritime Security Exhibition (NAVDEX).

The events are being held under the patronage of Sheikh Khalifa bin Zayed Al-Nahyan, president of the UAE and supreme commander of the UAE Armed Forces in Abu Dhabi from Feb.17-21.

Khaled bin Hussain Biyari, assistant minister of defense — executive affairs; General Awwad Eid Al-Balawi, director general of Saudi Arabian Border Guards; and other officials visited Bahri’s booth during the events.

As part of its participation, Bahri is showcasing its maritime capabilities and innovation-driven solutions at the largest defense expo in the Middle East. The company is also highlighting its unmanned surface vessels (USVs) at its booth. Powered by MAP Pro technology, which transforms any vessel into an autonomous one, Bahri’s USVs are capable of numerous applications, including gathering data, surveillance and reconnaissance. In addition, the vessels offer significant cost savings and reduce human workload in high-risk operations. 

Bringing together more than 1,310 specialized companies from 62 countries, both events offer a strategic business platform for exhibitors to present their latest naval, maritime and coastal security technology, equipment and crafts, and explore partnership opportunities with local and international companies. 

Abdullah Aldubaikhi, CEO of Bahri, said: “Events such as IDEX and NAVDEX provide a unique opportunity to gather new insights into new security technologies that can help companies thrive in a safe and secure trade. With Saudi Arabia being at the forefront of efforts aimed at maintaining stability and security in the region, maritime security is a key focus area for the Kingdom.” 

Aldubaikhi added: “Bahri’s presence at IDEX and NAVDEX 2019 is part of our strategy to further strengthen our offerings to enhance the Kingdom’s maritime capabilities and support its transformation as the world’s leading logistics hub. The exhibition also provides us with an excellent platform to connect with our customers and explore new partnership opportunities that will further drive our ambitious expansion plans.”

Bahri Logistics, one of the five business units within Bahri and one of the top 10 breakbulk carriers in the world, operates six new state-of-the-art multipurpose vessels that are capable of carrying different types of cargo, including project, ro-ro, breakbulk, equipment, and container cargo.