The deal, which was launched into the banking market in July, is split between a $1.7bn three-year tranche, and a $500m five-year tranche, with banks invited to submit offers in either dollars, dirhams or Singapore dollars.

The deal is being lead arranged by BNP Paribas, Deutsche Bank, Emirates NBD, HSBC, ING, Lloyds TSB, Mashreqbank and Standard Chartered.

It is one of many syndicated loans being raised by Dubai government-affiliated companies over the summer, including a $6bn loan for Investment Corporation of Dubai (ICD), $1.25bn for Dubai Ports and Free Zone World, and $1.5bn for the Dubai International Financial Centre (DIFC) (MEED 22:8:08).

The Dubai Ports and Free Zone World deal is also expected to close in mid-September.