Arab Bank is lead arranger on the deal, with the French banks Calyon and Natixis.

The first phase of the airport is set to cost $675m with a new terminal raising capacity to 9 million passengers a year from the current 3 million.

The remainder of the funding will be provided through two loans from the International Finance Corporation, which totals $110m. The Islamic Development Bank will provide a $100m finance lease, with around $155m financed through existing capital and operating revenues from the airport itself.