Nomura has obtained a Category 4 licence from the Dubai Financial Services Authority (DFSA) to expand the scope of its International Wealth Management business from new premises in the Dubai International Finance Centre (DIFC).
The licence follows Nomura's announcement 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.
Nomura said that the move marks its 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 (Middle East, Africa, South Asia).
The firm'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 $500bn AUM asset management market.
Arif Amiri, CEO of DIFC Authority, said: "We are delighted to see Nomura's growth plans flourish in DIFC, Dubai and the region. With over $3trn of private wealth within an hour's flight of the city, and access to a combined GDP of $8trn 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, said: "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."
According to the DIFC, Dubai is home to more than 55,000 HNWIs. The 33rd edition of the Global Financial Centre Index classifies Dubai as one of the top 10 financial centres in the world.
