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Nomura deepens DIFC presence to target Gulf family offices

Written by Liezl GambePublished Dec. 25 2025Last Updated Dec. 25 2025

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Nomura has expanded its international wealth management footprint in Dubai by opening larger premises in the Dubai International Financial Centre.

The move marks a deeper commitment to Gulf-based private capital following the bank’s initial Dubai entry in 2023.

Nomura said its earlier presence was primarily focused on serving South Asian diaspora wealth across the Middle East, Africa and Southern Asia corridor.

With the expanded office, the bank is shifting its strategy to include local high-net-worth individuals and single family offices.

External asset managers across the UAE and the wider Gulf Cooperation Council are also being targeted under the new approach.

Executives said Gulf private capital is typically relationship-led and long-term, requiring sustained local engagement.

The larger DIFC footprint signals that Nomura now views its Dubai operations as moving beyond an experimental phase.

The expansion reflects rising client activity and plans to scale regional coverage rather than maintain a limited outpost.

Dubai has emerged as a central hub for global private banking and asset management.

The DIFC offers access to Middle Eastern capital alongside a recognised regulatory framework and international connectivity.

Nomura’s Dubai office forms part of a three-hub international wealth model alongside Singapore and Hong Kong.

From Dubai, the bank can connect Asian capital with Middle Eastern and African investment opportunities.

The city’s time zone overlap with Europe and Asia has become increasingly valuable for global wealth operations.

Salmaan Jaffery said the expansion reflects both Nomura’s regional growth and Dubai’s appeal to global financial institutions.

The move highlights Dubai’s role as a gateway for long-term access to Middle Eastern capital.

Salmaan Jaffery said.

The expansion aligns with Nomura’s broader shift toward fee-based and capital-light businesses.

Global investment banks have increasingly prioritised wealth and asset management to reduce earnings volatility.

Nomura’s strategy sharpened following the collapse of Archegos Capital Management in 2021.

Since then, the bank has focused more heavily on international private wealth and advisory services.

Dubai plays a key role by providing access to family offices that allocate capital across multiple regions.

The expansion also supports opportunities in advisory, portfolio management and cross-border structuring.

Recent leadership appointments suggest Nomura’s Dubai platform is entering a more mature phase.

In July, the bank appointed Harish Hemandas to oversee coverage across the Middle East and Europe.

In November, Nomura created a new North Asia chief investment officer role to strengthen cross-regional investment guidance.

Ravi Raju said the larger premises would support a growing team and rising client demand.

The move reflects growing activity rather than symbolic expansion.

Ravi Raju said.

Competition for Gulf private wealth is intensifying as more global banks establish or expand Dubai operations.

Regulatory clarity, tax efficiency and a growing talent pool continue to attract international firms.

Nomura’s shift toward local Gulf capital signals confidence in its regional traction.

The expansion underscores how the Middle East has become central to global private banking strategies.