It revealed last year that it would establish a Nomura Singapore Limited office in Dubai in order to broaden its client base and the reach of its relationship managers.
Since then, it has acquired a Category 4 licence from the Dubai Financial Services Authority (DFSA), the independent regulator of financial services provided by or from DIFC.
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By meeting the rising demand from its clients in the MEASA market for superior wealth management services and complete financial solutions, Nomura has demonstrated its commitment to extending its presence in the area.
The announcement reaffirms DIFC’s commitment to fostering an environment that is business-friendly in the area in order to promote economic growth.
The company’s International Wealth Management division will mainly cater to high-net-worth individuals (HNWIs), single family offices, and outside asset managers in the United Arab Emirates (UAE).
As well as the larger Middle East region, which includes the Gulf Cooperation Council (GCC), North Africa, and the Levant countries.
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By GlobalDataNomura International Wealth Management joins the nearly 300 wealth and asset management companies in the DIFC ecosystem, which together account for an AUM of $500bn in the asset management sector.
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 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.”
Through fostering an environment that draws in talent, encourages innovation, and promotes growth and development, DIFC plays a vital part in leading and defining the future of finance.
The DIFC offers a strong foundation for Nomura to grow its operations and serve a variety of clients due to its advantageous location and companies’ regulations.
