Bupa Arabia was established in 1997 as a joint venture between the British United Provident Association Limited and Saudi’s Nazer Group. Bupa Investments Overseas Limited owns 43.3% of the company, while Saudi Nazer Group has a 7.34% stake. In March 2023, Bupa Arabia received final approval from the Saudi Central Bank (SAMA) to sell its new insurance product, “Bupa Premium Residency,” in the kingdom. On December 22, 2022, Bupa Arabia’s extraordinary general assembly approved a 25% capital increase to $400 million. In 2022, the company’s earned net premiums grew by 20% to $3.4 billion.