The opening of the office is an important step in the significant commitment AIG is making to increase its presence in the Middle East.
AIG Financial Advisor Services Inc. offers a range of equity funds including global, regional and country specific funds, and provides investment vehicles and funds to back up the insurance linked portfolio products promoted by its sister company American Life Insurance Company (ALICO). The new representative office, which is located on Dubai’s Sheikh Zayed Road in Kendah House, will house the Middle East support and administration teams.
Speaking at the opening, Anthony Ussher said: “The establishment of our representative office in Dubai is a major step in the development of our presence in the Middle East. Our new office will provide marketing and administration support base for the group in this increasingly important and rapidly developing region.”
He cited Dubai’s status as an important financial centre in the Middle East with the recent announcement of the Dubai International Financial Centre, complemented by its well-developed communications and telecommunications infrastructure, as major advantages when choosing a Middle East presence.
AIG is the leading U.S.-based international insurance and financial services provider and the largest underwriter of commercial and industrial insurance in the United States. Its member companies write a wide range of commercial, personal and life insurance products through a variety of distribution channels in approximately 130 countries and jurisdictions throughout the world.
There has been a growing demand in the Middle East for long-term investment products offering certain degree of security. This trend has been amplified by the recent events of 11 September 2001.
Mr Ussher explained: “Investors in the Middle East are attracted by investment products that offer long-term investment and the ability to generate stable returns which provides the ideal opportunity for investors in the Middle East to invest in a variety of mutual funds products promoted by AIG Financial Advisor Services, Inc.”
“Moreover, drawing upon the success and 50-year heritage of our sister company, American Life Insurance Company (ALICO), AIG Financial Advisor Services, Inc. are currently developing with ALICO several new Unit Linked Insurance products which will be launched later this year.”
ALICO is a wholly owned subsidiary of American International Group, Inc. (AIG) and has retained market leadership in the area for over half a century. ALICO gained Moody’s and Standard & Poor’s AAA ratings for market leadership, strong financial security characteristics and an overwhelming capacity to meet policyholder obligations under a variety of economic and underwriting conditions. ALICO has also been applauded as a valuable institution in the business by a number of knowledge experts like Business Week, Fortune 500 & Forbes 100.
Through AIG, ALICO has operations in more than 130 countries, with dedicated offices in all six GCC countries, Lebanon, Jordan, Egypt, Kenya, Turkey and in the sub-continent in Bangladesh, Pakistan, India and Nepal.
“More Middle East investors are recognising the need to save for the ‘milestone’ events in their lives such as their children’s education, marriage and their retirement, and we believe that our long term investment in the region requires a dedicated office to monitor and keep pace with the regional developments,” Ussher explained.
Sunday, June 9- 2002 @ 12:38 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.