However, such is the deal flow coming out of Qatar that other banks have had more than scraps to feed on. HSBC, which came second in the rankings - but held the greatest number of mandates during 2003 - won, then lost, the Qatar Steel Company advisory, and holds the mandate for the Qatofin petrochemicals project. BNP Paribas handled the Qatar Vinyl Company work and Societe Generale has recently won the huge Qatargas III mandate.

In fact, the sheer volume of regional project finance transactions is such that existing teams at a number of major houses are stretched and the deal flow has been spread fairly evenly. Citigroup held four mandates last year, as did BNP Paribas; Gulf International Bank (GIB) continues to exploit its strong position in Saudi Arabia with three. ANZ Investment Bank, Taylor-DeJongh and Arab Petroleum Investments Corporation (Apricorp) held a brace each. In fact, the size of the current deal flow will be enough to satisfy multiple appetites, as the table illustrates.

One of the significant shifts over the last couple of years has been the award of major mandates to regional institutions. Traditionally, financial advisory work has been reserved for the international investment banking elite - the Goldman Sachs/Credit Suisse First Boston/JP Morgan Chase & Company club - but GIB, Apicorp, Gulf Investment Corporation and Arab Banking Corporation have raised their competency and are winning work.