Bupa Munsha’at to enrich SME sector in Saudi Arabia

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SMEs represent around 95 percent of the total number of commercial and investment companies within the Kingdom’s private sector.
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SMEs represent around 95 percent of the total number of commercial and investment companies within the Kingdom’s private sector.
Updated 26 August 2019

Bupa Munsha’at to enrich SME sector in Saudi Arabia

Bupa Arabia has introduced a new health insurance product for small- and medium-sized enterprises (SMEs) in Saudi Arabia. 

The launch of “Bupa Munsha’at” is part of Bupa Arabia’s efforts to support the Kingdom’s SMEs in achieving the goals of Vision 2030, which are represented in the National Entrepreneurship Program.

“Bupa Arabia is proud to introduce a new health insurance program that will indirectly contribute to achieving one of the key pillars of Vision 2030 by increasing the contribution of SMEs to the GDP from the current 20-35 percent, based on the National Transformation Program (NTP) embarked upon by Crown Prince Mohammed bin Salman,” a company statement said.

According to the Saudi Arabian General Investment Authority (SAGIA), SMEs represent around 95 percent of the total number of commercial and investment companies within the Kingdom’s private sector. 

Tal Nazer, CEO of Bupa Arabia, said: “Saudi health insurance companies did not take into account the fundamental differences in the nature and requirements of small and medium enterprises and their actual capabilities.”

He underlined the importance of SMEs, describing them as “one of the most important driving engines of economic growth, given that they generate jobs, encourage creativity and innovation, and reinforce the growth of exportation.” 

“This is the most significant reason why Bupa Arabia has introduced the new health insurance product,” Nazer added.

According to the chief executive, Bupa Arabia conducted a comprehensive research on the SMEs operating in the Kingdom. Over 1,000 interviews were conducted with companies of different sizes based on the categorization of the General Organization for Social Insurance (GOSI) — large (5 percent), medium (6 percent), small (52 percent), and micro (37 percent).

According to the research, a total of six segments were outlined in the Saudi market, each with its own needs and capabilities. Bupa Munsha’at consists of three different programs — Essential, Classic, and Premium.

The insurance program is specifically designed to suit the needs of all the different segments of SMEs, Nazer said.

“All three programs under Bupa Munsha’at contain a certain number of schemes and benefits with multiple coverage networks in accordance with the Council of Cooperative Health Insurance requirements,” he added.

Bupa Munsha’at offers a wide range of options under each program. The Essential program contains five schemes offered at a competitive price, while the Classic program contains eight different schemes with a variety of network options that suit all needs. The Premium program contains 11 different schemes.

Hyundai donates 24 vehicles to Saudi Red Crescent

Updated 1 min 6 sec ago

Hyundai donates 24 vehicles to Saudi Red Crescent

Hyundai Motor Company is supporting the Saudi Red Crescent Authority’s (SRCA) ongoing efforts to combat the COVID-19 pandemic by contributing 20 fully equipped ambulances and four support vehicles of the Hyundai H-1 model. The automaker aims to assist the frontline workers and public during these unprecedented times by offering the H-1 ambulances to seamlessly transport the health care professionals, the elderly and others.

The contribution is part of Hyundai’s commitment to giving back to the community and supporting the SRCA’s remarkable work in addressing the spread of the coronavirus in Saudi Arabia.

Hyundai is working hand-in-hand with its authorized distributors in the Kingdom — Al-Wallan Trading Company, Mohamed Yousuf Naghi Motors Company and Almajdouie Motors — to align its efforts with the government’s directives to deal with the situation.

Hyundai’s distributors will work closely with the official authorities in Saudi Arabia to deliver the vehicles directly to the SRCA.

Bang Sun Jeong, vice president and head of Middle East and Africa operations at Hyundai, said: “Caring for humanity has always been at the heart of Hyundai’s vision. We did not hesitate in taking this initiative with Hyundai distributors in the Kingdom during these challenging times, and we are proud of their association with the Saudi Red Crescent Authority in the fight against this pandemic.

“This contribution is another step in the direction of making a positive difference in the Saudi community and we believe by strengthening the relationships between the private and public sectors, it will benefit the Saudi Red Crescent Authority and help support members of the community across the Kingdom.”

He added: “We sincerely hope our efforts contribute toward making a difference in this fight, and we believe if we stay together, we can overcome anything. We hope this pandemic can soon come to an end and we can help people get back to their daily lives.”

Established in 1967, Hyundai Motor Company offers a range of vehicles and mobility services in more than 200 countries. Hyundai Motor sold more than 4.4 million vehicles globally in 2019, and currently employs some 120,000 personnel worldwide. The company is enhancing its product lineup with vehicles designed to help usher in a more sustainable future, while offering innovative solutions to real-world mobility challenges.