Posted by Neil King
Insurer AES International has been granted a license to operate in Dubai after the firm acquired the regional brokering firm City Life Insurance Brokers.
Licensed by the United Arab Emirates' Ministry of Economy and Insurance Authority, AES International's managing director Sam Instone said that the company will use its new base to export UK standards of financial planning.
Speaking to Money Marketing, Mr Instone said: "The first appointed representative has already signed up to our service package which is designed to allow other financial services businesses to leverage our technology, expertise, economies of scale and resources in order to get better outcomes for end customers and their own businesses alike."
AES International's decision to invest in the region coincides with news that Dubai's stock market is recovering.
A number of firms already operating in Dubai, including construction firm Drake & Scull International and developer Emaar Properties, have recently experienced rises in their share prices, reports Bloomberg.