The deal is expected to be split between an Islamic tranche denominated in UAE dirhams and a conventional dollar-denominated tranche. The exact size of each will be determined by market appetite.

Initial expressions of interest have been received, with the deal about 110 per cent over-subscribed. The firm’s advisers now hope to finalise commitments in May.

Since its inception in 1997, Axiom has expanded to have a presence in the UAE, Saudi Arabia, Bahrain, Qatar, Kuwait, Egypt, India and the UK.