Having launched a Dubai office in 2023, the Japan-headquartered group is expanding operations in the jurisdiction and wider region.

Japan’s Nomura said yesterday that it has opened its new international wealth management premises in the Dubai International Financial Centre.

The bank initially intended – with its Dubai office launch in 2023 – to expand its franchise in the Middle East and build a platform for the South Asian diaspora in the Middle East, Africa, and Southern Asia (MEASA) region. 

Nomura International Wealth Management will now target sustainable growth of the franchise by expanding client coverage to local high net worth clients, single family offices and external asset managers in the UAE and other GCC countries.

“Nomura’s expansion within DIFC reflects both the strength of their regional growth story, century-long expertise that is valued by clients, and the depth of opportunity Dubai offers global firms,” Salmaan Jaffery, chief business development officer at DIFC Authority, said. “DIFC provides the ideal platform for international institutions to strengthen their operations and capture new regional opportunities. We are pleased to see Nomura deepen its presence in the centre, reinforcing Dubai’s role as a global destination for capital and talent and a preferred base for the world’s most respected financial institutions.”

Ravi Raju, head of international wealth management, Nomura, said: “This move into a larger space will allow us to cater to our expanding team in Dubai and to better serve our growing client franchise in this region.”

Among other developments, in late July, Nomura appointed Harish Hemandas as managing director and senior executive officer and head of coverage for the Middle East and Europe; in November, the bank appointed Julia Wang – formerly of JP Morgan and HSBC – as its North Asia chief investment officer. This was a new position for Nomura.