JEDDAH, 13 September 2007 — The Saudi Council of Ministers has given approval to BUPA Arabia to operate as a licensed cooperative health care insurance company in Saudi Arabia. BUPA Arabia, currently known as BUPA Middle East, is planning to launch an initial public offering (IPO) by the end of this year or in the first quarter of 2008, Tal Nazer, managing director of Bupa Arabia, told Arab News. He also assured the public that BUPA services will remain its trademark even after the company changes its corporate name. Nazer also said, “Having the royal decree issued is a huge step for us being the only single-line insurer in Saudi Arabia specializing in the healthcare insurance. On behalf of the BUPA team, I extend my deep thanks and sincere appreciation to our government, headed by Custodian of the Two Holy Mosques King Abdullah for the trust and complete faith in us.”
The Cooperative Council of Health Insurance (CCHI) has estimated that the public listing of the private health insurance company alone is estimated to boost the Saudi economy by as much as 4 percent. Nazer further added: “We promise our clients that we will continue to provide them with the best health care they deserve and we assure them of world-class customer class at all times.”