HSBC Holdings Plc’s Saudi Arabia unit named two new managing directors and co-heads of investment banking, as global lenders increasingly compete for a slice of deals stemming from the Gulf nation’s bid to transform its economy.

Mohammed Fannoch and Faisal Qadri were appointed to the roles, while Amir Bourani was chosen as head of global banking coverage.

Qadri, who has been at HSBC since 2003, was previously head of debt capital markets and syndications. Fannoch joined the bank in Riyadh in 2008 and was previously head of investment banking advisory.

HSBC has been the top financial adviser on initial public offerings in Saudi Arabia over the past 12 months, according to data compiled by Bloomberg, as well as the No. 1 manager for bond deals in the Middle East and North Africa so far in 2023. Although new share-sales activity in the kingdom has been muted this year, it looks set to pick up in coming months.

Read More: The Country Where Bankers’ Pay Is Booming: Saudi Arabia

Saudi Arabia is becoming an increasingly important market for global banks as the OPEC member embarks on a plan to diversify its economy away from oil by selling stakes in state-owned companies and investing in new industries. While the global financial community has contended with layoffs and lower bonuses earlier this year, banking jobs remain plentiful in the kingdom and salaries are surging.