Bupa, the international health insurer and provider, proposes to further increase its stake in Bupa Arabia by 4% to 43.25%.
This follows an agreement to acquire a portion of Nazer Group’s stake in Bupa Arabia. Bupa is now submitting formal applications to the relevant Kingdom of Saudi Arabia (KSA) authorities for the customary regulatory approvals.
Bupa and Nazer Group first formed a partnership in 1997 and Bupa Arabia was established in 2008. Bupa Arabia has since grown to become the leading health insurance provider in the KSA.
The KSA is a market with rising customer demand for high quality healthcare funded by private health insurance, and Bupa has incrementally increased its shareholding of this successful business over recent years. The increase in Bupa’s shareholding is in line with Bupa’s strategy of investing to strengthen its existing market positions to deliver sustainable growth.
Bupa Group CEO, Evelyn Bourke said: “Bupa Arabia is a long-standing and high-performing part of our organisation. We are increasing our shareholding in recognition of its continued success and our ongoing commitment to meeting the rising healthcare needs of customers in the KSA. We look forward to continuing to serve the KSA market, in partnership with Nazer Group.”
Chairman of Bupa Arabia and Founder and Chairman of Nazer Group, Loay Hisham Nazer, added: “We are very proud of the achievements and success of Bupa Arabia, underpinned by a great partnership between Nazer and Bupa. This serves as an example of how Saudi companies can attract the highest quality of foreign investors who bring expertise to the market, while benefiting from the local knowledge of the Saudi partner. Our commitment to Bupa Arabia remains very strong. I am committed to stay on as Chairman, and Tal Nazer is committed to serve as CEO.”