Japan’s Nomura expands Middle East base in Dubai

Nomura Holdings is planning to expand its wealth management team in Dubai, according to a media report.

The Japanese bank may add three or four relationship managers in Dubai by year-end, Reuters reported, citing head of international wealth management Ravi Raju.

Currently, Nomura’s Dubai office has 10 employees.

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“The whole region (Middle East) has seen tremendous amount of growth,” he said, adding that Dubai has been the biggest area of growth in any international centres.

Nomura rapidly established its wealth management business in the emirate due to the market’s expansion and the availability of talent from other global financial firms.

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The bank opened a new office in Dubai International Financial Centre (DIFC) in July 2023 to expand its reach across the region.

In addition, Nomura plans to hire 30 to 35 bankers over the next two years, dividing them equally between the Asian wealth hubs of Hong Kong and Singapore.
 
Raju said that Nomura will achieve its $35 billion target of wealth assets outside of Japan from its current level of $24 billion.
 
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