The state-owned business park has appointed Barclays Capital, Deutsche Bank, Dubai Islamic Bank and Lehman Brothers as financial advisors on the bond issue.

Moody’s Investors Services has rated the company as A1 because of what it views as the firm’s “intrinsic credit strength and additional enhancement derived from the financial strength of the Emirate of Dubai.”

However, the agency warned that rising debt over the next three to four years as a result of the $2.17 bn investment programme would constrain the firm’s rating and see the historically debt free business leverage up to debt levels at eight times greater than earnings before interest tax depreciation and amortisation (Ebitda).