In a strategic move aimed at strengthening its foothold in the Middle East, Bank of America has appointed Abdulaziz Behery to head its investment bank in Saudi Arabia. This decision comes amidst a surge in regional deal activity, highlighting the bank's commitment to the growing market.

Abdulaziz Behery, formerly of HSBC Holdings, has also been named a Managing Director at BofA, marking a significant addition to the bank's leadership team. Joining him is Bahaa Al Bustami, a former JPMorgan Chase & Co. banker, who assumes the role of Vice President in equities sales.

Both professionals have assumed their roles this month, and their appointments signify Bank of America's dedication to enhancing its presence in Saudi Arabia and the Middle East.

Saudi Arabia and the UAE have experienced a notable increase in investment banking activity, making them key markets for expansion. Bank of America is actively involved in various transactions, including an Omani firm's gas pipeline IPO and the Dubai transport authority's plans to list its taxi business.

Earlier this year, Bank of America appointed Rehaan Khan as the head of equities for the Middle East and North Africa, relocating him from London to Dubai. The bank's regional head of fixed income, Mohamed Farsi, is also based in Dubai.

Moreover, the bulk of BofA's emerging markets research team, led by Cesar Tiron, is now situated in Dubai, emphasizing the bank's commitment to the Middle East region.

These recent appointments and strategic moves align with Arshad Ghafur's broader vision as the bank's Middle East and North Africa president, aimed at expanding Bank of America's regional franchise.