Nomura has significantly expanded its presence in the Dubai International Financial Centre (DIFC), opening larger premises for its International Wealth Management business. This move marks a strategic shift from its initial 2023 entry, which primarily served the South Asian diaspora across the Middle East, Africa, and South Asia (MEASA) corridor.
The expansion signals that Nomura views its Dubai operation as moving beyond a trial phase. The bank is now broadening its client focus to include local high-net-worth individuals, single family offices, and external asset managers across the United Arab Emirates and the wider Gulf Cooperation Council (GCC). According to Ravi Raju, Head of International Wealth Management at Nomura, the larger space will accommodate a growing team and better serve an expanding regional client base, reflecting rising activity rather than symbolic growth.
Dubai is central to Nomura's three-hub international wealth model, alongside Singapore and Hong Kong. Salmaan Jaffery, Chief Business Development Officer at the DIFC Authority, stated that Nomura's expansion reflects both the bank's regional growth story and Dubai's appeal to institutions seeking long-term access to Middle Eastern capital. The DIFC offers a globally recognized regulatory framework and proximity to regional wealth.
This build-out aligns with Nomura's broader business pivot toward steadier, fee-based income streams, a shift that intensified following the 2021 Archegos Capital Management collapse. Leadership appointments reinforce this long-term commitment, including the July 2025 naming of Harish Hemandas as Managing Director and Senior Executive Officer for the Middle East and Europe.
The expansion occurs amid intensifying competition for Gulf private wealth, as Dubai solidifies its position as a preferred base for international banks targeting family offices and sovereign-linked capital. Nomura's move highlights the region's transition from the margins to the center of global private banking strategies.
