MANAMA Dec 12 Bahrain's Takaud Savings and
Pensions became the first Gulf-based private pension provider
with the launch of its maiden product on Wednesday.
Takaud, which received regulatory approval to operate in
Bahrain last September, aims to meet growing demand for pension
products across the Middle East and North Africa.
"This is one product in a range of corporate and individual
savings and pensions solutions we will be launching over the
coming months," Chief Executive Abdallah Kubursi said.
Takaud is owned by Kuwait Projects Company (KIPCO)
and its subsidiary United Gulf Bank, each holding a 50 percent
The firm aims to expand in nine countries over the next four
years, forecasting $1 billion of assets under management within
the next five years.
Ageing populations across the Middle East are expected to put
pressure on government retirement schemes, which could be
complemented by privately run products.
The population over the age of 65 in Gulf Cooperation
Council countries - Saudi Arabia, the UAE, Kuwait, Oman, Qatar
and Bahrain - is forecast to grow by 94 percent between 2010 and
2020 to about 1.9 million, according to United Nations data.
(Editing by David Goodman)