For some time now the securitization market has looked hopefully to the region governed by the Gulf Cooperation Council (GCC) - which includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and United Arab Emirates - but the absence of securitization regulation here has stunted potential growth.

Despite these challenges, sources at BSEC-BEMO Securitization, the investment-banking subsidiary of Lebanon's Banque Europeenne pour le Moyen Orient (BEMO), remain committed to establishing securitization as a useful tool and recognize the growing opportunities emerging in this region. Earlier this month BSEC-BEMO led Saudi Arabia's first rental fleet, auto lease-backed Sukuk (an Islamic bond).

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