TAKE COVER
In view of the public health segment's overworking, the government launched a private healthcare scheme for its economy's “expatriate backbone."
With an expected population growth of 2 million people over the next decade, Kuwait has initiated a comprehensive healthcare strategy to provide high-quality services to its citizens and expatriate workers. Having established separate healthcare schemes for Kuwaitis and expats, the government is looking to overcome the challenges currently faced by the country's public health segment. In light of this, the Kuwait Health Assurance Hospitals Company (Dhaman) was established to provide healthcare facilities and insurance services for Kuwait's expat population of more than 2 million people. Initiated as a public-private partnership (PPP) with a paid-up capital of up to KWD230 million, Dhaman's shares are 24% government-owned and 26% private. As the remaining shares will be publicly listed, Dhaman's IPO is expected to be the biggest in Kuwait's history.
This comes as no surprise given the sheer magnitude of Dhaman's operations in terms of healthcare facility construction and insurance provision: In July 2016, for example, leading construction risk management firm Hill International won a KWD3.9 million bid to construct two 300-bed secondary care hospitals in Ahmadi and Jahra. Due to be opened in 2019, the construction of three new hospitals is part of Dhaman's strategy to broaden its range of healthcare services to expats along with 15 primary health clinics across the country. In addition to this, expat-exclusive insurance services have been at the core of Dhaman's strategy. Currently, all expat workers are obliged to obtain a KWD50 health card in order to be granted residency. However, while Kuwaitis have free access to all public hospitals, expatriates with a health card are entitled to healthcare services in the country's public hospitals and primary care centers. In return, this has overstretched the capacities of the country's public healthcare facilities in terms of long waiting times for patients, overcrowding of hospitals, and a noticeable reduction in service quality. In this regard, Salem Haidar, Regional Vice-President of GlobeMed, told TBY: “Perhaps once expats are covered by Dhaman, it will ease pressure on public hospitals. But there has been a great deal of criticism that the government is putting the expats in one place and the Kuwaitis in another. As far as I can see, many people will continue to buy private insurance or top up additional coverage that will give them access to both Dhaman and other private hospitals. Things will become much clearer in the next couple of years."
According to the Ministry of Health, Kuwait's health sector currently encompasses 7,000 public hospital beds and 1,000 private ones, which translates into three hospitals beds for 10,000 people. Paying from their own pockets, many Kuwaitis have consequently preferred treatment in private hospitals and medical centers. At the same time, government-subsidized medical tourism to the US, UK, or Germany has consistently been on the rise. With the government looking to nearly double the capacities of healthcare facilities until 2020, many facilities remain exclusive for Kuwaitis. Deemed as the largest hospital in the MENA region, for example, the 1,200-bed Jaber Al-Ahmad Al-Jaber Al-Sabah Hospital will exclusively open its doors to Kuwaiti citizens in 2017. In light of high living costs in Kuwait, however, private hospital care is out of the question for numerous expatriate workers employed in various low-pay sectors. Though many employees in Kuwait's banking and financial services segment are covered by corporate medical insurance, others have to pay for the healthcare card, granting them access to public hospitals. Yet, costs for the very card are also set to nearly triple from KWD50 to KWD130 during 1Q2017, which will be a financial burden for many expat workers. Once fully operational, however, Kuwait's “economic backbone" will be fully covered by high-quality insurance and state-of-the-art facilities.
TAKE COVER
TABLE OF CONTENTS
Guest Speaker
Dato’ Sri Haji Mohammad Najib bin Tun Haji Abdul Razak, Prime Minister , Malaysia
TBY talks to Dato' Sri Haji Mohammad Najib bin Tun Haji Abdul Razak, Prime Minister of Malaysia, on the growing contribution that Islamic countries are making to the global economy and how Islamic financing can offer new opportunities to industry and academia.
read articleInterview
HE Khaled Nasser Abdullah Al-Roudan, Minister, Commerce and Industry (MoCI)
TBY talks to HE Khaled Nasser Abdullah Al-Roudan, Minister of Commerce and Industry (MoCI), on tools and strategies for diversifying the economy, the role of international players in supporting a wider range of sectors, and the rapidly developing food industry.
read articleInterview
HE Yousef Al-Ebraheem, Advisor , Al-Diwan Al-Amiri
TBY talks to HE Yousef Al-Ebraheem, Economic Advisor to the Al-Diwan Al-Amiri, on the need for a rejuvenation of Kuwait's infrastructure to support an economy that has come a long way and the role education will play in delivering the expertise required by the society.
read articleInterview
Dr. Khaled A. Mahdi, Secretary-General , Supreme Council for Planning & Development (GSSCPD)
TBY talks to Dr. Khaled A. Mahdi, Secretary General of the Supreme Council for Planning & Development (GSSCPD), on the breakdown of Kuwait's long-term economic plan, the KPIs that will benchmark its success, and what Vision 2035 means for the nature of the economy.
read articleInterview
Sheikh Dr. Meshaal Jaber Al Ahmed Al Sabah, Director General, Kuwait Direct Investment Promotion Authority (KDIPA)
TBY talks to Sheikh Dr. Meshaal Jaber Al Ahmed Al Sabah, Director General of the Kuwait Direct Investment Promotion Authority (KDIPA), on launching an investment promotion conference, attracting the right partners for PPP, and expectations for the year ahead.
read articleInterview
HE Dr. Mohammad M. Al-Zuhair, Executive Chairman, Kuwait National Fund for Small and Medium Enterprise Development
TBY talks to HE Dr. Mohammad M. Al-Zuhair, Executive Chairman of the Kuwait National Fund for Small and Medium Enterprise Development, on empowering young Kuwaitis, IT and entrepreneurialism, and the growth of fintech.
read articleFocus: Still all in the family?
Merchant families in Kuwait
Family-owned businesses play a major role in the Kuwaiti economy. However, with many approaching the third generation of management, they are starting to come across unique problems that may pose issues for the greater economy.
read articleInterview
HE Sheikh Abdullah Ahmad Al-Humoud Al-Sabah, Director, Environmental Public Authority (EPA)
TBY talks to HE Sheikh Abdullah Ahmad Al-Humoud Al-Sabah, Director of Environmental Public Authority (EPA), on how oil companies can contribute to Kuwait's vision on sustainability and the various projects that are coming to fruition.
read articleInterview
Dr. Samira S. Omar Asem, Director General, Kuwait Institute for Scientific Research (KISR)
TBY talks to Dr. Samira S. Omar Asem, Director General of the Kuwait Institute for Scientific Research (KISR), on commercializing the green innovations coming from R&D initiatives, the role of collaboration across multiple sectors, and projects that we should expect to see more of in the future.
read articleInterview
Khaled Abdulrazzaq Al Khaled, Vice-Chairman and CEO, Boursa Kuwait Company
TBY talks to Khaled Abdulrazzaq Al Khaled, Vice-Chairman and CEO of Boursa Kuwait Company, on the takeover of the Kuwait Stock Exchange and the role the bourse plays in both the privatization of government entities and as a source of capital for family businesses.
read articleInterview
HE Essam Abdul Mohsen Al-Marzouq, Minister, Oil & Minister of Electricity and Water
TBY talks to HE Essam Abdul Mohsen Al-Marzouq, Minister of Oil & Minister of Electricity and Water, on cooperation with other ministries, the private sector's role in energy, and upcoming regulations.
read articleInterview
Ghalib Shlash Safouq, Assistant Undersecretary for the Construction Projects Sector, Ministry of Public Works
TBY talks to Ghalib Shlash Safouq, Assistant Undersecretary for the Construction Projects Sector at the Ministry of Public Works, on Kuwaiti companies, the country's healthcare facilities, and the role of international companies.
read articleInterview
Khaled K. Al Mashaan, Vice-Chairman & CEO, ALARGAN International Real Estate Company
TBY talks to Khaled K. Al Mashaan, Vice-Chairman & CEO of ALARGAN International Real Estate Company, on drivers of growth, operating throughout the region, and real estate prices in Kuwait.
read articleInterview
Tawfiq Ahmed Bin Sultan, Chairman, Middle East Telecommunications Company (METCO)
TBY talks to Tawfiq Ahmed Bin Sultan, Chairman of the Middle East Telecommunications Company (METCO), on e-government potential, the future of the economy, and the state of technology uptake in Kuwait.
read articleInterview
Sheikh Yousef Abdullah Sabah Al-Nasser Al-Sabah, Director General, Kuwait Ports Authority (KPA)
TBY talks to Sheikh Yousef Abdullah Sabah Al-Nasser Al-Sabah, Director General of Kuwait Ports Authority (KPA), on his operational plans for the near future and turning Kuwait into a regional logistics hub.
read articleInterview
HE Khaled Nasser Abdullah Al-Roudan, Acting Minister, State for Youth Affairs
TBY talks to HE Khaled Nasser Abdullah Al-Roudan, Acting Minister of State for Youth Affairs, on e-platforms and blended learning programs, developing ICT skills, and preparing young people for tomorrow.
read articleInterview
Eng. Ali Hussein Al Youha, Secretary-General, National Council for Culture, Arts and Letters
TBY talks to Eng. Ali Hussein Al Youha, Secretary-General of the National Council for Culture, Arts and Letters, on the activities of the Council and works to preserve and enhance Kuwait's cultural heritage.
read article
