(Bloomberg) — A senior Bank of America Corp. dealmaker is relocating from London to Dubai, according to people familiar with the matter, as transactions in the Middle Eastern energy industry boom.

Shoaib Noormahomed, a managing director in the bank’s natural resources and energy transition group, is moving to the Gulf emirate to help bolster the team’s efforts in the sector, said the people, asking not to be identified as the matter is private.

The move comes amid rising activity by state-owned energy giants like Saudi Aramco and Abu Dhabi National Oil Co. Noormahomed joined Bank of America in 2019 after almost a decade at French lender Societe Generale SA, according to his LinkedIn profile. The bank’s natural resources and energy transition group for Europe, Middle East and Africa is led by James Sleeman.

A representative for Bank of America declined to comment.

Energy giants in the Middle East have become some of the industry’s busiest dealmakers as they transform their businesses by selling stakes and diversifying their portfolios internationally. Abu Dhabi-based Adnoc is going “full throttle ahead” with its expansion, Chief Investment Officer Klaus Froehlich said in a recent interview.

Saudi Aramco, meanwhile, is embarking on a $12 billion share sale — a deal that could rank as one of the largest of its kind in recent years.

Bank of America is one of the lead banks helping to arrange Aramco’s share sale alongside other Wall Street lenders. The firm has also worked on big transactions for Adnoc, including the $10 billion stake sale in its natural-gas pipelines to a group of investors.

https://finance.yahoo.com/news/bank-america-energy-banker-relocating-085342444.html