BUPA Arabia has won approval from the Saudi Cabinet to operate as a licensed co-operative healthcare insurance company in the kingdom.

BUPA Arabia, currently known as BUPA Middle East, will have a capital of SR400 million  ($106.6 million) as soon as it stars operating. It will soon hold its initial public offering (IPO) where 40 per cent of its stocks will be offered to the public.

Tal Nazer, managing director of BUPA Arabia said: “Having the royal decree issued is a huge step for us being the only single-line insurer in Saudi Arabia specialising in medical insurance. On behalf of the BUPA team, I extend my deep thanks and sincere appreciation to our government headed by King Abdullah Bin Abdul-Aziz for their trust and complete faith in us.”

Nazer also assured that BUPA services will remain its trademark even after the company changes its corporate name. “We promise our clients that we will continue to provide them with the best healthcare they deserve and we assure them of world-class customer care at all times,” he said.

BUPA Arabia (currently known in the market as BUPA Middle East), was established in 1997 as a joint venture between the Nazer Group and the BUPA Group. One of the largest international private health insurance companies, the BUPA Group serves more than 8 million members in over 190 counties and employs over 46,000 worldwide.

 The BUPA Group owns and manages 39 hospitals, most of them with ISO 9002 certification, 250 nursing homes and health screening centres throughout the UK, 74 home care branches, 49 special care complexes, 40 children’s nurseries and 220 approved health clubs. - TradeArabia News Service