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Shock, horror, somewhere in the world is hiring for structured finance.

Pack your bags and whip out the factor 30, it looks like there might just be a few securitization-related roles on offer in the Middle East.

Morgan Stanley may be dumping structured product bankers in London and New York, but rumour has it that it’s bulking up with them over in the desert.

One London-based structured finance headhunter says banks like HSBC, Merrill Lynch and Morgan Stanley have been shifting securitization professionals out of the London market and into the GCC and Asia, where business is less flaccid.

If you’re not making an internal move, we suspect there are jobs to be had in the region, although at this stage they’re likely to be countable on one hand (or even one finger).

“The mortgage market is developing in Saudi Arabia," says Peter Jones, executive director at UK-based recruiter MRK Consulting. "Opportunities will arise for people with experience of securitization and mortgage business products, especially those that are Sharia compliant.”

In further signs that a securitization sector is stirring, Credit Suisse hired Duncan Macaulay to help boost its Middle East real estate team back in October, Merrill Lynch started producing monthly reports on securitization in the Middle East (something previously ‘inconceivable’, according to the Financial Times), and various banks are queuing up to sponsor a securitization conference in Dubai later this month.

The infrastructure factor

The Middle East’s infrastructure boom may also unleash securitization opportunities. The Abu Dhabi government, General Electric and Credit Suisse recently announced the formation of a $1bn infrastructure fund.

They estimate that investment opportunities in Middle Eastern energy alone will total $395bn over the next three years.

RBS and Barclays Capital are old hands at infrastructure securitization, while BNP Paribas formed an infrastructure securitization group back in November 2006, according to Reuters.

Barbara van Muir, managing director of Middle East recruiter Woodhamill Ingram, says banks in the region are looking for experienced project and structured finance professionals to work on infrastructure financing.

Even more promisingly, she says that it helps if you’ve worked overseas: “In terms of technical expertise, generally speaking, exposure to complex deals in mature markets is prized.”