By Hadeel Al Sayegh

DUBAI (Reuters). -One Morgan Stanley (NYSE)’s most prominent dealmakers, who have helped to advise the oil giant Saudi Aramco (SE:), on its initial public offer (IPO), has left to join the investment bank arm of Banque Saudi Fransi.

According to a Morgan Stanley memo, Motaz Alangari is moving on from Riyadh as the head of its Saudi investment banking division.

A source close to the situation said that he would join Saudi Fransi Capital and become the head of its investment banking department.

Morgan Stanley’s spokesperson declined to comment.

Banque Saudi Fransi (16.2%) is held by Prince Alwaleed Bin Talal’s Kingdom Holding. The bank did not immediately reply to a request.

As economies rebound from the last year’s COVID-19-linked contraction, investment banks in the Gulf region are increasing their presence. This is a time when there are more deals than ever.

Alangari played a key role in many of the largest Morgan Stanley deals in this region, such as Aramco’s historic $29.4 billion IPO. He was also involved in Solutions by STC’s public sale, which resulted in a raise of around $966m in September.

Motaz “has helped to greatly develop our franchises in Saudi Arabia during his time with Morgan Stanley,” the memo that circulated Wednesday stated.

He worked previously for Samba Capital. This was the investment banking arm Samba Financial Group. It was merged earlier this year with National Commercial Bank in order to create Saudi National Bank.

The Gulf region’s deal activity has boomed over the past 2 years. It is mostly Saudi Arabian and United Arab Emirates that have been experiencing the most growth as their governments attempt to diversify away from oil and maximize the value of assets.

Saudi Arabia’s Capital Markets Authority stated in September that approximately 45 companies were still waiting to be approved for listing.