Nomura, a Japanese financial holding company, has strengthened its International Wealth Management business with new premises at Dubai International Financial Center (DIFC), the leading global financial hub in the Middle East, Africa and South Asia (MEASA).
Nomura announced last year that it would open a branch of Nomura Singapore Limited in DIFC to expand its client franchise and increase the footprint of its relationship managers. It has since obtained a Category 4 license from the Dubai Financial Services Authority (DFSA), the independent regulator of financial services conducted in or from DIFC.
The move marks Nomura’s commitment to expanding its presence in the region by catering to the growing demand for high-quality wealth management services and comprehensive financial solutions from its clients in the MEASA market. The announcement also reinforces DIFC’s commitment to provide a conducive environment for businesses in the region, to further drive economic growth.
The company’s International Wealth Management arm will primarily serve high-net-worth individuals (HNWIs), single-family offices, and external asset managers in the UAE and broader Middle East region, including the Gulf Cooperation Council (GCC), North Africa and Levant countries.
Nomura International Wealth Management joins a DIFC ecosystem of over 300 wealth and asset management firms that comprise a $500 billion asset management market in terms of AUM.
“We are delighted to see Nomura’s growth plans flourish in DIFC, Dubai and the region. With over $3 trillion of private wealth within an hour’s flight of the city, and access to a combined GDP of $8 trillion across the MEASA region, there continues to be strong demand for global wealth and asset management firms establishing and expanding premises in DIFC.”
Mr. Ravi Raju, Head of International Wealth Management, Nomura, said that “DIFC has long established itself as the Middle East’s de facto financial hub and international financial center. 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.”
DIFC plays a critical role in leading and shaping the future of finance by creating an environment that attracts talent, spurs innovation and fosters growth and development. With its strategic location and business-friendly policies, DIFC provides an ideal platform for Nomura to expand its operations and cater to a wide range of clients.
Dubai is home to more than 55,000 HNWIs. Over $3 trillion of private wealth is accessible within an hour’s flight of the city and the MEASA region combined represents $8 trillion of GDP.
The 33rd edition of the Global Financial Center Index classifies Dubai as one of the top 10 financial centers in the world ranked as a global leader with a broad and deep offering.