Standard Life International Closes Middle East Office

Stephen Little

6 November 2014

, part of the Standard Life group, is closing its Dubai office at the end of January 2015 following changes in the regulatory landscape and resulting business environment.

The firm said in statement that nine roles will be made redundant, including Middle East chief executive Chris Divito.

Sandy Begbie, chief operations officer at Standard Life, said that as a result of regulation changes in the UAE the business in Dubai could “no longer offer shareholders and customers long-term sustainable value”.

“We will be contacting all of our customers with an in-force plan to offer them a closure value, which will include an enhancement. We feel this demonstrates Standard Life’s commitment to do what is fair and right for our customers," said Begbie.

"Today’s announcement does not impact on our wider plans for our business and we will continue to seek opportunities to broaden our global reach," she added.

Standard Life said it will be contacting customers with an in-force savings and investment plan to offer them a Closure Value which will include an 8 per cent enhancement paid into their plan.

Earlier this year, the UAE Insurance Authority issued guidelines on how brokers should work with providers on the distribution of products, including restricting business with those providers who are regulated by other authorities.