Also notable is the diversity of GIB's mandates, which include a liquefied natural gas (LNG) ship borrowing, an aircraft financing and deals in the petrochemicals and hydrocarbons sectors. There is every indication that the bank's regional dominance of the market will continue. GIB is bidding for several advisory mandates, posted impressive profits in 2004 and is due to come to market imminently for a five-year $750 million syndicated loan, implying no intention of slowing lending activity.

The continuing rise of the Islamics is evident in the 2004 rankings, with three sharia-compliant institutions making the top five. The trend is set to continue, as borrowers seek to access new pools of liquidity to meet soaring funding requirements, although the particularly acute nature of Islamic banks' asset/liability mismatches naturally imposes a ceiling on their ascent.

Saudi banks' heavy representation in the top 15 is largely the result of the Ettihad Etisalat deal, which was the only one done by Al-Rajhi Banking & Investment Corporation, Bank al-Jazira and National Commercial Bank. However, Samba Financial Group propelled itself into second place, from seventh last year, by participating in all three domestic borrowings and, like GIB, recently accessed the syndicated loan market for longer-term funds. In light of the heavy deal flow expected in the kingdom during 2005 and 2006, the Saudi banks can expect to be mainstays of the league tables for several years to come.

Qatar National Bank (QNB) and Ahli United Bank (AUB) both had an active year, arranging four and three deals respectively. QNB is strengthening its structured finance capabilities and is likely to be seen increasingly in cross-border transactions in future years. AUB is at the forefront of efforts by regional banks to develop GCC-wide platforms and, with footholds now established in Kuwait and Qatar from its base in Bahrain, is another bank likely to be seen on deals across several markets.

Arab Banking Corporation returned to action in 2004, after a muted 2003, rising up the rankings to ninth from 14th. With its balance sheet restructuring complete and profitability healthy, the bank is ready to return to its traditional position at the regional project finance top table.