Bahrain to get pensions firm

Kuwait Projects Company (Kipco) said yesterday it will launch a savings and pensions company in Bahrain, which will be the first of its kind in the Middle East.

Kipco said it has signed a memorandum of understanding with Munich Re, one of the world's leading insurers, to provide the new company with technical services and training.

"Taka'Ud Savings & Pensions will be incorporated in Bahrain and aims to launch its initial product range in selected Mena [Middle East and North African] countries by the Middle of 2010," Kipco said in a statement.

Kipco said it believes there is a "large and unmet demand throughout the Mena region for low-risk, long-term pension products with secure and reasonable returns".

United Nations data show the number of people aged above 65 in the region will rise to 32 million by 2030, from 10.6 million in 2000.

Kipco's Vice-Chairman Faisal Al Ayyar said funding retirement for a growing number of people has proven to be an "enormous challenge".

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