The deal was launched at $175m, but was increased in size after it was 60 per cent over-subscribed.

The loan has a tenor of 12 months and has a margin of 120 basis points over the London interbank offered rate (libor).

Emirates NBD acted as bookrunner on the facility, along with ING Bank, ICICI Bank, Commerzbank and Raiffeisen Zentralbank.

Emirates NBD is the biggest bank in terms of its share of syndicated loan deals in the UAE, having arranged over $23bn in loans since the beginning of 2008.