The financial advisory firm has hired three team members who will advise employees in their UAE offices in Dubai on healthcare and pensions.
The law came into effect in January and is being rolled out until 30 June next year.
AES chief executive Sam Instone said the firm will assess the success of the scheme by measuring it against its overall mission for positive change.
“Specifically this means pioneering the transformation of the financial services industry into a profession by exporting UK best practice overseas,” he said.
“Unparalled opportunity”
“The regulatory, legislative and economic conditions in the UAE have aligned to create an unparalled opportunity
for positive change within the way employee benefits advice is delivered in Dubai.”
At a minimum, the schemes must cover general practitioner visits, emergency treatments, referrals to specialists and surgical, investigative and maternity procedures.
Companies which fail to set up a suitable scheme could face a fine and have their ability to hire people frozen.
AES said it expects a “rapid rise” in the number of advisers because the change to the regulatory landscape is likely to lead to a reduction in the number of unlicensed distributors and providers within the market place, as well as consolidation among brokers.
Other similar rules, such as changes to end-of-service benefit rules and changes to how company directors can be prosecuted, are expected to be announced by the UAE government next year.
