The Company for Cooperative Insurance (Tawuniya) and Aetna, a leading global diversified health care solutions company, have entered into a strategic alliance to provide health care benefits and services to Saudi citizens in the Kingdom or abroad and to foreign nationals living in the Kingdom.
The multi-faceted relationship will leverage the strengths of both companies and offer customers living in the Kingdom of Saudi Arabia quality health care cover, programs and services to better manage their health, and access to extensive networks of health care providers around the world, among other benefits.
Aetna Chairman and CEO Mark Bertolini said: “We are delighted to collaborate with Tawuniya to provide high-quality global health care solutions to meet the needs of our customers and theirs. Tawuniya is a firm that shares our mission to provide easy access to cost-effective, high-quality health care.”
He was speaking at a contract-signing ceremony in Riyadh.
Tawuniya CEO Ali Subaihin said: “We are pleased to work with Aetna to offer a seamless approach to health care benefits for the many expatriates living in our country and for our Saudi citizens whether they are home or abroad. Our arrangement with Aetna fulfills Tawuniya’s ambitious plans to provide an international medical insurance program for our Saudi customers. We look forward to more opportunities to cooperate.”
As part of the alliance, Tawuniya is providing in-Kingdom more than for 80,000 Saudi students when they are back home.
Aetna provides cover for them in the US while they are attending college or graduate school on scholarships provided by the Saudi Arabia Cultural Mission.
The relationship also offers a joint approach to Tawuniya’s global coverage for the Saudi Arabian Ministry of Foreign Affairs.
Members will have access to Aetna’s global medical network of more than 100,000 hospitals and doctors outside of the US and Aetna`s customer service platform.
Members of both groups will be served through Aetna’s Arabic-speaking call center in Dubai.
Additionally, Tawuniya is providing exclusive services to Aetna’s customers living in Saudi Arabia, including Council of Cooperative Health Insurance-accredited cover for Aetna expatriate members residing in the Kingdom.
Aetna members will have access to Tawuniya’s network of more than 1,100 direct-settlement hospitals and medical centers.
Sandip Patel, head of Aetna International, said: “Working together, we can offer customers comprehensive health care solutions to meet their needs. We believe our expertise in disease management, wellness and prevention programs can help people in Saudi Arabia live healthier lives.”
Customers of the Tawuniya-Aetna alliance will have access to Aetna`s broad range of online tools and services, including a secure website portal to access and manage their global benefits; mobile and tablet apps to find health care providers in their area and around the world; health and wellness information; health and security alerts; and drug and medical information translation services.
In addition, as part of the relationship with Tawuniya, Aetna is providing Tawuniya with reinsurance as well as product development consulting.
Tawuniya deal boon for 80,000 Saudi students
Tawuniya deal boon for 80,000 Saudi students
Kuwait to boost Islamic finance with sukuk regulation
- The move supports sustainable financing and is part of Kuwait’s efforts to diversify its oil-dependent economy
RIYADH: Kuwait is planning to introduce legislation to regulate the issuance of sukuk, or Islamic bonds, both domestically and internationally, as part of efforts to support more sustainable financing for the oil-rich Gulf nation, Prime Minister Sheikh Ahmad Abdullah Al-Ahmad Al-Sabah said on Wednesday.
Speaking at the World Governments Summit in Dubai, Al-Sabah highlighted that Kuwait is exploring a variety of debt instruments to diversify its economy. The country has been implementing fiscal reforms aimed at stimulating growth and controlling its budget deficit amid persistently low oil prices. Hydrocarbons continue to dominate Kuwait’s revenue stream, accounting for nearly 90 percent of government income in 2024.
The Gulf Cooperation Council’s debt capital market is projected to exceed $1.25 trillion by 2026, driven by project funding and government initiatives, representing a 13.6 percent expansion, according to Fitch Ratings.
The region is expected to remain one of the largest sources of US dollar-denominated debt and sukuk issuance among emerging markets. Fitch also noted that cross-sector economic diversification, refinancing needs, and deficit funding are key factors behind this growth.
“We are about to approve the first legislation regulating issuance of government sukuk locally and internationally, in accordance with Islamic laws,” Al-Sabah said.
“This enables us to deal with financial challenges flexibly and responsibly, and to plan for medium and long-term finances.”
Kuwait returned to global debt markets last year with strong results, raising $11.25 billion through a three-part bond sale — the country’s first US dollar issuance since 2017 — drawing substantial investor demand. In March, a new public debt law raised the borrowing ceiling to 30 billion dinars ($98 billion) from 10 billion dinars, enabling longer-term borrowing.
The Gulf’s debt capital markets, which totaled $1.1 trillion at the end of the third quarter of 2025, have evolved from primarily sovereign funding tools into increasingly sophisticated instruments serving governments, banks, and corporates alike. As diversification efforts accelerate and refinancing cycles intensify, regional issuers have become regular participants in global debt markets, reinforcing the GCC’s role in emerging-market capital flows.
In 2025, GCC countries accounted for 35 percent of all emerging-market US dollar debt issuance, excluding China, with growth in US dollar sukuk issuance notably outpacing conventional bonds. The region’s total outstanding debt capital markets grew more than 14 percent year on year, reaching $1.1 trillion.
