Saudi Arabia: Bupa Arabia joins MCSI EM Index
Source: Middle East Insurance Review | Nov 2019
Bupa Arabia has joined the MSCI Tadawul 30 (MT30) Index, a joint tradeable index launched by the Saudi Stock Exchange (Tadawul) and MSCI to serve as the basis for Exchange-Traded Funds (ETFs). The index is designed to reflect the performance of approximately the 30 largest and most traded stocks listed on Tadawul.
“Bupa Arabia is proud to be part of this historic moment which witnessed the Saudi Stock Exchange joining arms with MSCI Emerging Market Index,” said Bupa Arabia CEO Tal Nazer. He attributed this economic achievement to the increasing competitiveness of the Saudi stock market and the kingdom’s ambitious Vision 2030.
He said, “Our new position in the MT30 Index presents a great opportunity for us to showcase our global potential and strengthen our leadership in the medical insurance industry. Moreover, we are proud to serve millions of members, and we will keep building on our promise to continuously innovate and apply the best medical insurance practices in accordance with international standards to drive this vital sector forward in Saudi Arabia.”
The company’s inclusion in the MT30 Index will further enhance the Saudi Capital Market’s classification among global Emerging Markets in line with the Financial Sector Development Program (FSDP), part of Vision 2030, which aims to develop the national economy, diversify its sources of income, and encourage savings and investment through developing financial institutions and Tadawul. This will contribute to developing a more advanced capital market while maintaining the stability and solidity of the financial sector.
At the recent GITEX Technology Week in Dubai, Bupa Arabia signed an agreement with Business Incubators and Accelerators Company (BIAC) to offer low-cost insurance products and health insurance for employees of startups and their families as part of its commitment to support entrepreneurship and innovation. M