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BUPA Arabia plans to launch IPO

JEDDAH — 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, according to Tal Nazer, managing director of BUPA Arabia.

The Saudi Council of Ministers has given approval to BUPA Arabia to operate as a licensed cooperative health care insurance company in the Kingdom.

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 per cent.

Nazer assured the public that there will be no fall in the quality of services BUPA offers even after the company changes its corporate name.

"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, " he said.

"Having the royal decree issued is a huge step for us being the only single-line insurer in Saudi Arabia specialising in the healthcare insurance, " he added.

In a related development, Saudi Arabian officials have completed a six-week visit to Taiwan to learn from the nation's experience in setting up and operating the national health insurance programme.

According to information made available to Khaleej Times here, Saudi Arabia and Taiwan's Institute for Information Industry plan to launch a series of cooperative projects.