The deal is expected to involve debt finance of $4-5bn. The project involves the construction of an aluminium refinery, a smelter and a power station at the Az Zabirah bauxite mine, in the north of Saudi Arabia.

An initial public offering of 40 per cent of the project company is also expected to occur later this year, which is intended to raise $2.47bn.

JP Morgan is advising the company on the share sale, while Riyad Bank and Standard Chartered are acting as financial advisers for the project finance.