Financial services group Nomura is set to open a new branch in Dubai, United Arab Emirates to boost its International Wealth Management operations in the Middle East.

The planned branch will be part of Nomura Singapore and will be situated at the Dubai International Financial Centre.

Nomura has already received in-principle approvals from the Monetary Authority of Singapore (MAS) and Dubai Financial Services Authority (DFSA) to set up the office.

The new wealth management relationship centre is expected to begin its operations once it receives the DFSA licence.

Establishment of the branch aligns with international wealth management’s new expansion plans to offer additional services to the ultra-high-net-worth clients in Greater China, Southeast Asia, the Middle East as well as the non-resident Indians.

Nomura currently employs nearly 90 private bankers in Singapore and Hong Kong to serve these segments.

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Nomura International Wealth Management head Ravi Raju said: “Dubai has long established its importance in the Middle East, Indian subcontinent and Africa for entrepreneurs and families as a base to grow their international presence from.

“We welcome the chance to be a part of this exciting growth opportunity to offer our International Wealth Management and one-bank solutions to clients via our robust Singapore platform.”

In September 2020, Nomura reorganised its wealth management business, excluding Japan, as International Wealth Management.

So far, International Wealth Management has opened 1,000 new client accounts and added over $5.5bn in net new money.

In May this year, Nomura revealed its plans to establish a new digital asset company, which will operate as a wholly-owned independent entity of the company.