The company said it had taken the decision, which is subject to regulatory approvals, “following changes in the regulatory landscape and resulting environment”. It added that it will be contacting all customers with an in-force savings and investment plan to offer them a closure value – this will include an 8% enhancement which will be paid into their plan.
It is understood the closure will result in the redundancy of nine positions, including Middle East chief executive, a role currently filled by Chris Divito.
Sandy Begbie, chief operations officer, Standard Life said: “As a result of recent changes in the UAE regulatory landscape, we no longer feel that our business in Dubai can offer our 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.
“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.”
The Dubai office was opened in 2012, and followed the establishment of an office in Singapore.
More to follow…
