Nomura Deepens DIFC Presence to Target Gulf Family Offices

What Has Nomura Changed in Dubai?

Nomura has expanded its presence in Dubai by opening larger international wealth management premises in the Dubai International Financial Centre, stepping up its push into Gulf private capital. The move builds on the bank’s initial Dubai entry in 2023, which was designed mainly to serve South Asian diaspora wealth across the Middle East, Africa, and Southern Asia corridor.

With the new office space, Nomura is broadening its client focus to include local high-net-worth individuals, single family offices, and external asset managers across the UAE and the wider Gulf Cooperation Council. These pools of capital tend to be relationship-led and long-term in nature, requiring deeper local teams and sustained on-the-ground presence.

The expansion suggests the bank views its Dubai operation as having moved beyond a trial phase. The larger footprint reflects rising client activity and a plan to scale coverage rather than simply maintain a regional outpost.

Investor Takeaway

Why Is Dubai Central to Nomura’s Wealth Strategy?

Dubai has become a key hub for global private , offering proximity to Middle Eastern capital alongside a widely recognized regulatory framework. The DIFC has attracted banks, hedge funds, asset managers, and family offices viewking access to regional wealth without sacrificing legal certainty or international connectivity.

For Nomura, Dubai forms part of a three-hub international wealth model alongside Singapore and Hong Kong. From the DIFC, the bank can link Asian capital with Middle Eastern and African opportunities while operating in a time zone that overlaps both . This geographic positioning has become increasingly valuable as private capital in the Gulf grows in scale and sophistication.

Salmaan Jaffery, at the DIFC Authority, said the expansion reflects both the strength of Nomura’s regional growth story and Dubai’s appeal to international financial institutions viewking long-term access to Middle Eastern capital.

How Does This Fit Into Nomura’s Broader Business Pivot?

The Dubai expansion aligns with a wider shift inside Nomura toward businesses that generate steadier, fee-based income. Global investment banks have increasingly prioritized wealth and asset management as a way to reduce dependence on trading and capital markets cycles.

For Nomura, that focus sharpened later than the collapse of Archegos Capital Management in 2021, which exposed risk-management fragilenesses across the industry. Since then, the bank has leaned further into capital-light activities, including international private wealth, where revenues are typically more predictable.

Dubai plays a key role in that approach. By strengthening its presence in the Gulf, Nomura gains access to family offices and private investors that often allocate across multiple regions and asset classes, offering opportunities for advisory, portfolio management, and cross-border structuring.

Investor Takeaway

Do Recent Appointments Point to a Longer-Term Play?

Nomura’s leadership moves reinforce the sense that the Dubai platform is entering a more mature phase. In July, the bank appointed Harish Hemandas as managing director and senior executive officer, naming him head of coverage for the Middle East and Europe. The role places him in charge of client development and governance across key growth regions.

In November, Nomura also created a new North Asia chief investment officer role, appointing Julia Wang, formerly of JP Morgan and HSBC. While based in Asia, the position carries relevance for Dubai, where many Gulf and diaspora clients maintain . A formalized CIO structure is intended to sharpen investment guidance across regions.

Ravi Raju, head of international wealth management at Nomura, said the move into larger premises would allow the firm to accommodate a growing team and better serve its expanding regional client base, pointing to rising activity rather than symbolic expansion.

What Does This Say About Competition for Gulf Wealth?

Nomura’s expansion comes as competition for Gulf private wealth intensifies. Dubai has emerged as a preferred base for international private banks targeting family offices, sovereign-linked capital, and quick-growing entrepreneurial fortunes. Regulatory clarity, tax efficiency, and a growing talent pool have made the city increasingly hard for global firms to ignore.

While Nomura has not disclosed or client numbers in the region, its shift away from a diaspora-led strategy toward local Gulf capital suggests confidence in its traction to date. The larger DIFC footprint also sends a signal of commitment to both clients and regulators.

As global banks recalibrate growth priorities, Nomura’s move highlights how the Middle East has moved from the margins to the center of international private banking. For firms willing to invest locally, Dubai is no longer a satellite—it is becoming a core pillar of global wealth strategies.