Nomura today unveiled its plan to expand its International Wealth Management business by establishing new premises within the Dubai International Financial Centre (DIFC)., a global financial hub situated in the Middle East, Africa, and South Asia (MEASA) region.
Last year, Nomura made public its intention to open a branch of Nomura Singapore Limited in DIFC with the aim of broadening its client base and enhancing the presence of its relationship managers. Subsequently, the company has successfully obtained a Category 4 license from the Dubai Financial Services Authority (DFSA), the independent regulatory body overseeing financial services in the DIFC.
The primary focus of the firm’s International Wealth Management division will be serving high-net-worth individuals (HNWIs), single family offices, and external asset managers in the UAE and the wider Middle East region, encompassing the Gulf Cooperation Council (GCC), North Africa, and Levant countries.
Nomura International Wealth Management will become part of the DIFC ecosystem, which is home to more than 300 wealth and asset management firms, constituting a substantial USD 500 billion asset management market in terms of assets under management (AUM).
Arif Amiri, CEO of DIFC Authority, commented:
We are delighted to see Nomura‘s growth plans flourish in DIFC, Dubai and the region. With over USD3 trn of private wealth within an hour’s flight of the city, and access to a combined GDP of USD8 trn across the MEASA region, there continues to be strong demand for global wealth and asset management firms establishing and expanding premises in DIFC.
Ravi Raju, Head of International Wealth Management, Nomura, added:
DIFC has long established itself as the Middle East’s de facto financial hub and international financial centre. Our on-the-ground presence here will help us better tap into the vast pools of wealth in this region, to complement our strategy of serving clients across Greater China and Southeast Asia as well as the global NRI segment.
