There is also likely to be a short-term financing requirement of about AED 200 million ($55 million), which will be used to cover the cost of the first DIFC building and some of the associated infrastructure. No final decision has yet been taken on how this will be structured, but the possibility remains that it could be a non-recourse facility backed by rental income. If so, bankers will look closely at the contractual commitments of potential tenants, whose identities are yet to be revealed.

Originally, the DIFC had gone to banks for a lead arranger, but the nature of the responses they received persuaded them to alter their approach and seek a financial adviser. The other banks understood to be looking at the deal include Barclays Capital, Citibank, HSBC Investment Bankand Standard Chartered.