By Andy Sambidge
Savings and investment giant says move is part of plan to grow business in Middle East
UK savings and investment giant Standard Life said on Monday it had launched operations in Dubai.
The company has opened an office in the Dubai International Financial Centre (DIFC), which will offer products to UAE-based financial intermediaries, a statement said.
The company has been granted a licence by the Dubai Financial Services Authority ( DFSA ) to establish a branch of Standard Life International Limited, it added.
The move follows the company's extension into the South East Asia market via Singapore, announced in October.
Led by regional CEO Chris Divito, this Dubai opening is part of Standard Life's strategy to broaden the company's distribution platform and expand its international footprint in high growth, high value emerging markets.
Nathan Parnaby, chief executive, Asia and Emerging Markets, Standard Life said: "Our long term vision within the Middle East is to build a leading retail savings and investments business.
"Being a large and respected wealth centre, the UAE is at the centre stage of our regional business strategy.
"We are confident of strong growth as there is high demand within the region for established and trusted brands like Standard Life to deliver leading savings and investment solutions.
He added: "We believe the DFSA licence approval provides great opportunity for our business within this high growth market."
Standard Life's current businesses within Asia and emerging markets includes its retail investments business which operates out of Hong Kong and Singapore, as well as its life and asset management joint venture businesses in China and India.
Chris Divito, CEO, Standard Life International Limited (DIFC Branch) said: "We strongly believe in the region's huge potential and look forward to develop our business in these markets."
Established in 1825, Standard Life is a leading provider of long term savings and investments to around 6 million customers worldwide. Headquartered in Edinburgh, Standard Life has around 9,000 employees.
Congratulations and well done to all those involved in the process, all the very best for the future.