The deal was arranged by Sumitomo Mitsui Banking Corporation, which has acted on a number of Nakilat transactions, with 12 banks providing the debt. Nakilat is also expecting to raise a further $1bn from the bank market in the next 18 months.

The debt was split between a 17-year $925m senior bank facility, a 17-year $125m subordinated debt facility, and a 12-year $450m bank facility provided by export credit agency Korea Export Insurance Corporation (KEIC).

On 3 August Nakilat said it made a profit in the second quarter of 2008 of QR50.9m ($14m), an increase of 63 per cent compared to the same period in 2007.