The manner in which Standard Life International is preparing to withdraw from the Middle East market is highly commendable in my view.

The company has made the decision to terminate its operations in the UAE in January next year due to new regulations coming into force.

Standard Life will be getting in touch with all their clients with savings and investment portfolios with the company over the next few weeks, to offer them a closure value with an additional 8 per cent enhancement.

It is always regrettable when one of the most esteemed companies in a region exits the market due to factors out of their control.  However, the way in which Standard Life International is looking after its clients in such an exemplary way is praiseworthy and shows their admirable culture of service.

The fact that Standard Life is leaving the UAE market shows just how much the regulations overhaul coming into effect in a few weeks will redefine the finance sector in this region.

I fully suspect that other savings and investment companies will follow suit within the coming months as the UAE Insurance Authority’s changes will make it more far more costly and burdensome to operate in this market.

I am however confident that the tougher regulations coming into play will help provide the structure for the UAE to be the major global financial hub it is capable of becoming.