The funding will be used to support the continued growth of the business, which is a specialist finance company based in Bahrain.

The firm provides lease finance for cars, insurance services, and real estate finance, and in 2007 grew its profits by 50 per cent to $16m.

The deal will be structured in dollars and dirhams, in an attempt to attract interest. The two banks were awarded the mandate in mid-May and expect to bring the transaction to the market in June.