Bank of America relocates to Dubai

A senior Bank of America Corp. dealmaker is relocating from London to Dubai to boost efforts in the Middle Eastern energy industry, according to Bloomberg.

Shoaib Noormahomed, managing director of the natural resources and energy transition group, is making the move. This shift coincides with increased activity from state-owned energy giants like Saudi Aramco and Abu Dhabi National Oil Co.

Noormahomed, who joined Bank of America in 2019 after nearly a decade at Societe Generale SA, will strengthen the bank’s presence in the region.

Bank of America, a lead bank in arranging Aramco’s $12 billion share sale, has also facilitated significant transactions for ADNOC, including a $10 billion stake sale in its natural gas pipelines.