The FPI’s Regional Development Centre will be located in the Burj Dubai business hub and will offer specialised financial training to support key distributors, including insurance brokers, financial advisers and banks, throughout the Gulf Cooperation Council region.
It will also focus on developing and training advisers and FPI’s sales and administrative teams.
In 2007, FPI secured its UAE licence, allowing the company to market to intermediaries and distributors from the Dubai airport free zone but this is their first office outside of the zone.
FPI has noted a 40 per cent growth in Middle Eastern business per year since 2007. It says the boom in the mortgage market and increase in regular savings plans have boosted growth as more expatriates relocate to Dubai.
Friends Provident International Middle East general manager Matt Waterfield says: “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. 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.”