NU Online News Service, March 26, 3:11 p.m. EST
Lockton brokerage said that it has been granted a license by the Dubai Financial Services Authority to operate in the Dubai International Financial Centre.
The Kansas City, Mo.-based firm said the opening of the Dubai office represented its first footsteps into the Middle East and North African region, with further expansion planned for the future.
Dubai will be the regional hub for the region and will operate as a treaty and facultative reinsurance operation, serving the needs of regional insurance companies, the company said.
The office will be equipped to handle all classes of business backed by the support of the firm's wholesale operations in London and other locations, Lockton said.
Wael Khatib, who has been appointed president, Lockton Dubai, will manage the operation.
Julian James, chief executive officer of Lockton International, said, "We are pleased to announce this news, which reflects our long term commitment to enhance our presence in the region and desire to be closer to our clients. The new Dubai office will further improve the levels of service that our clients deserve."
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