The two-year paper is uniquely structured, partially convertible into equity. Barclays and Deutsche Bank- which is acting as financial adviser to DP World on the P&O deal - are also arranging a $5,400 million, five-year bullet facility to fund worldwide expansion. Aside from the P&O acquisition, DP World's recent investments include the purchase of land for container terminals in China and Turkey (see Transport).

Dubai government-affiliated companies are increasingly looking at Islamic financing structures to broaden their investor base. In late 2004, the Department of Civil Aviation issued a $1,000 million sukuk to part-fund the $4,100 million expansion of Dubai International Airport and a sukuk is expected to be used to fund the Jebel Ali airport project. Emirates National Oil Company (ENOC)has also mandated DIB to arrange an Islamic facility for its refinery upgrade (see page 35).