Friends Provident International (FPI), the pensions and investments provider, has announced the opening of its new Middle East office in the Burj Dubai Business Hub, the central business district of Dubai.
A key element of the new office will be the introduction of FPI's Regional Development Centre - the first of its kind in the region. The centre will offer specialised financial training aimed at providing support for the company's key distributors, including insurance brokers, financial advisers and banks, throughout the Gulf Cooperation Council (GCC) region. The centre will focus on developing and training advisers and FPI's sales and administrative teams.
The new offices in Dubai supports the company's strategic aim of growing business in the region.
Matt Waterfield, general manager (Middle East) for Friends Provident International, said:
"The Middle East is a key focus for FPI's international business. The economy in the GCC is booming. This economic growth has increased the need for insurance products in the region.
"Under one per cent of the adult population in the GCC have life insurance, this is much lower than take up rates in more established markets such as Europe. People in the Middle East require access to high quality, affordable products that have been specifically designed for the region. FPI has the product knowledge and experience to be a key player in the Middle East."
In the Middle East, FPI has seen its business grow over 40% per year since 2007. The boom in the mortgage market, as well as an increase in regular savings plans have helped this growth as more expatriates relocate to Dubai.
In 2007, FPI secured its UAE licence, allowing the company to market to intermediaries and distributors from the Dubai Airport Free Zone; this is their first office outside of the Airport Free Zone.
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