Saudi health insurance sector eyes 25m beneficiaries by 2030: report

By the end of 2022, the number of beneficiaries had surged by 18 percent, reaching 11.5 million. Shutterstock.
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Updated 04 January 2024
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Saudi health insurance sector eyes 25m beneficiaries by 2030: report

RIYADH: Health insurance companies in Saudi Arabia are looking to extend their coverage to 25 million beneficiaries by 2030, a report has revealed.

The industry has experienced substantial growth in recent years, primarily driven by mandatory medical coverage for private sector employees and their dependents, according to the Council of Health Insurance.

By the end of 2022, the number of beneficiaries had surged by 18 percent, reaching 11.5 million.

Furthermore, it is anticipated that the contribution of health insurance to the gross domestic product will reach SR61 billion ($16.47 billion) in 2030, accounting for approximately 2 percent of the total GDP.

The council recently launched the first phase of the National Platform for Health and Insurance Exchange Services, also known as NPHIES. 

This initiative aims to enhance the quality of medical coverage services, govern claims procedures and financial transactions, secure the exchange of insurance operation information, create a unified health record for policyholders, and reduce the cost and processing time of approval procedures. 

This is to be achieved through electronic integration for all financial transactions between medical coverage companies and healthcare service providers.


Riyadh Air adds Cairo to growing network with daily flights

Updated 9 sec ago
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Riyadh Air adds Cairo to growing network with daily flights

RIYADH: Saudi Arabia’s newest national airline Riyadh Air has confirmed the launch of daily flights to the Egyptian capital Cairo as it continues to expand its route network.

According to a press release, the new service, which will operate from Riyadh using the airline’s fleet of Boeing 787-9 Dreamliners, is set to begin shortly after the organization accepts delivery of its first aircraft in the coming weeks.

The development directly responds to passenger demand between the two capital cities. Flights between Riyadh and Cairo are consistently among the busiest international routes, with data recording 2.7 million passengers last year.

The new service strengthens Riyadh Air’s strategic mission to connect the Kingdom with major global hubs and directly supports Saudi Arabia’s Vision 2030 economic diversification and tourism goals.

Tony Douglas, CEO of Riyadh Air, said the launch of commercial service to Cairo “marks a true beginning of our journey to connect Riyadh to the world, and the world to Riyadh.”

He added: “This route has been carefully selected to serve a key market that aligns with our ambition to become a global destination and a significant contributor to Vision 2030.”

Announced in 2023 by Crown Prince Mohammed bin Salman, Riyadh Air is expected to add more than $20 billion to the Kingdom’s non-oil gross domestic product and create over 200,000 direct and indirect jobs. 

In April, the airline received approval from the General Authority of Civil Aviation to begin flight operations after securing its Air Operator Certificate upon meeting all regulatory, safety, and operational requirements.

Cairo joins a growing list of destinations for the fledgling airline, adding to the previously announced services to London-Heathrow and Dubai.

“We look forward to welcoming our guests aboard our state-of-the-art Dreamliners to experience our distinctive Saudi hospitality and redefine the future of air travel,” Douglas stated.

The airline is currently in its “Pathway to Perfect” operational readiness phase and is poised to launch commercial service imminently following aircraft delivery.

Riyadh Air aims to connect guests to over 100 destinations worldwide by 2030, with more new routes expected to be revealed in the coming weeks.