27 November 2012

Standard Life opens first Middle East office in Dubai, UAE

- Granted licence from Dubai Financial Services Authority (DFSA) 
- Establish a branch within the Dubai International Financial Centre 
- New office offers products to UAE based financial intermediaries 

26 November 2012 - Standard Life today announced the launch of its first office in Dubai, UAE. The office will be its first on-the-ground presence in the Middle East region. The company has been granted a licence by the Dubai Financial Services Authority (DFSA) to establish a branch of 'Standard Life International Limited' within the Dubai International Financial Centre (DIFC). The move follows the company's extension into the South East Asia market via Singapore, announced in October this year. 

Led by regional CEO Chris Divito, this development 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. Having worked in senior positions with Standard Life for over 15 years, Chris brings a wealth of international industry experience to the Middle East market. 

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. Building on the strength of our existing relationships with customers and distribution partners, 'Standard Life International Limited' will be at the centre stage of our regional business strategy. This is a timely yet strategic development for the company's emerging markets business. 

"This new office will principally address the growing needs of Dubai based clients through an intermediated business model. 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." 

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. 

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 internationally. 

Source: Standard Life